Lehman Brothers Holdings, Inc. (“LBHI”) is again adding new defendants to the omnibus adversary proceeding pending in their bankruptcy matter in Southern District of New York against some 140 current defendants. The claims against some are only contractual indemnification based on allegations of breaches of representations and warranties in Loan Purchase or Broker Agreements. For others, the Second Amended Complaints include a claim for declaratory relief which seeks a determination from the Court that LBHI’s claims accrued in January and February 2014. In the pending action in November 2016, a group of joint defense attorneys which includes American Mortgage Law Group, negotiated a Case Management Order (“CMO”) that drives the process of the adversary proceedings. The CMO requires collaboration between defense counsel in the drafting and filing of omnibus responsive pleadings to the Second Amended Complaint. The group is finalizing a response based on the Federal Rules that is due March 31, 2017. Further, if a defendant has been recently served, they may be bound by the CMO and required to participate in this responsive pleading and the deadline of March 27, 2017 to file a request for a pre-motion conference for unique responsive pleading issues.
If you have been served a Complaint and would like to take advantage of our experience in these matters, as AMLG is presently defending as many as nineteen (19) lenders and brokers in the current adversary proceeding and may therefore be representing the largest bloc of defendants in these disputes, please feel free to contact Tracy Henderson.