Lehman Brothers Holdings Inc. said a proposed settlement with OfficeMax Inc. (OMX:US) would cut claims against the defunct investment bank by $400 million, to about half of the original claim, according to a federal court filing in Manhattan.
OfficeMax, which announced the deal separately today, received an $817.5-million Lehman- backed note in connection with a 2004 timberlands sale. Lehman is trying to cut disputed claims to improve its payments to the remaining creditors. The settlement needs a bankruptcy judge’s approval.
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