The Work

March 9, 2010 5:11 PM

Lehman to Judge: Make the Examiner's Report Public

Posted by Zach Lowe

Lehman Brothers and its lawyers at Weil, Gotshal & Manges sent a clear message this week to the judge hearing Lehman's bankruptcy case: Make public the full report about Lehman's demise. In a motion filed Monday by Weil's Harvey Miller, Lehman says it has cooperated fully with the special examiner investigating the bank's failure and has turned over more than 20 million pages of e-mails. (The motion is available for download below.)

The examiner in the case, Jenner & Block chairman Anton Valukas, was given full subpoena power to investigate Lehman's epic fall, as previously reported in this space. Issues of particular interest include whether Barclays got a sweetheart deal when it purchased Lehman's North American operations days after Lehman filed for bankruptcy; how Lehman shifted billions from unit to unit hours before its bankruptcy filing; and whether JPMorgan Chase acted appropriately as Lehman's main lender, according to Bloomberg and our prior reporting.

Valukas and Jenner also have filed papers urging Judge James Peck to make the report public--with some redactions to protect proprietary and otherwise sensitive information from the entities Valukas examined during his investigation. (That group includes JPMorgan, Barclays, the Federal Reserve Bank of New York, and many others.) In a letter submitted to Peck today (download the letter below), Jenner says Valukas and his team have resolved those confidentiality issues with all but one party, and that they have done so by "agreeing to redactions" of information that "has no relevance" to the report. The only holdout: CME Group (more commonly known to some as the Chicago Mercantile Exchange), which is haggling over how to disclose the contents of five documents totaling seven pages, the letter says.

Peck will hold a hearing Thursday to discuss the Valukas motion to unseal the report with the agreed-upon redactions.

Download Weil Motion

Download Jenner Letter

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