Curtis Advises Lehman Brothers Holdings Inc. in $700 Million Settlement with JPMorgan Chase

New York, February 16, 2012 — Attorneys from Curtis, Mallet-Prevost, Colt & Mosle LLP represented Lehman Brothers Holdings Inc. ('LBHI') and its affiliated debtors and debtors-in-possession in a $700 million settlement of claims filed against LBHI by funds sponsored or managed by JPMorgan Chase Bank, N.A. (the 'Funds').

In a claims objection filed in the Lehman bankruptcy proceedings, the Lehman Debtors and the Official Committee of Unsecured Creditors argued that the Funds application of more than $710 million of LBHI collateral as purported 'affiliates' of JPMorgan Chase Bank, N.A. was improper and was an overreaching attempt by JPMorgan to cover the losses of the Fund's customers.

The Curtis Lehman team, which acts as conflicts counsel to LBHI, conducted extensive negotiations with counsel to The Funds and counsel to JPMorgan Chase Bank, N.A. to settle the matter.

The agreement calls for The Funds to return approximately $700 million of cash collateral to LBHI, representing an approximate 98% recovery for the Lehman Debtors. These funds will be available for the first distribution to be made to LBHI's creditors under the Chapter 11 Plan. The settlement transaction resulted in significant benefits to the estate by avoiding the costs, delay and litigation risks associated with having to prosecute the issues raised in the claims objection. The Funds will retain $15 million of the collateral.

The Curtis team of lawyers was led by partners Joseph D. Pizzurro, L. P. Harrison 3rd, Daniel R. Lenihan, Michael J. Moscato, Nancy E. Delaney, and Andrew H. Seiden; counsel Susan F. Pollack, and associates Peter J. Behmke, Dienna Ching and Matthew C. Lischin.

The Official Committee of Unsecured Creditors was represented by Quinn Emanuel Urquhart & Sullivan, LLP.

Curtis, Mallet-Prevost, Colt & Mosle LLP is a leading international law firm providing a broad range or services to clients around the world. Curtis has 15 offices in the United States, Europe, Central Asia, the Middle East and Latin America. The firm's international orientation has been a hallmark of its practice for nearly two centuries. For more information about Curtis, please visit www.curtis.com or follow Curtis on Twitter (twitter.com/curtislawfirm) and Facebook.com/Curtis.Careers).