Bloomberg News

Wells Fargo Asks Lehman Judge Whom to Pay in Ballyrock Swap Case

December 20, 2011

Dec. 20 (Bloomberg) -- Well Fargo Bank NA, a trustee for investors caught in a dispute between bankrupt Lehman Brothers Holdings Inc. and a former swap trading partner known as Ballyrock ABS CDO 2007-1 Ltd., asked a judge to decide who is entitled to be paid.

Wells Fargo said in a court filing it distributed $189 million to Ballyrock investors in partial payment and has $137 million left in an escrow account. Ballyrock last month lost a bid to appeal the bankruptcy judge’s ruling on the dispute, which is continuing.

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: Charles Carter at ccarter12@bloomberg.net


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