Miller Barondess Successfully Resolves $2 Billion Action Against Lehman Brothers

The Firm represented real estate developer SunCal in a multi-billion dollar dispute arising from the bankruptcy of Lehman Brothers.  The Firm was litigation counsel for the entities that owned 20 major real estate projects caught in the recession whose constituencies were several hundred million dollars of unsecured creditors.  Lehman agreed to fund, then stiffed, the unsecured creditors, consisting of vendors, contractors and surety bond providers.  The projects were put into bankruptcy in the Central District, and we filed suit to subordinate over $2 billion in Lehman mortgage liens.  After a protracted battle against two large nationwide law firms and Lehman, the case settled, with the unsecured creditors recovering on their claims pursuant to confirmed plans, instead of nothing as sought by Lehman; and with SunCal recovering millions on its claims and acquiring two of the properties.  Read Article