Firm Files Lawsuit on behalf of Lehman Brothers Against Affiliates of Bank of America and Barclays relating to a Multi-Billion Real Estate Group known as Archstone
December 15, 2011
The Firm filed a lawsuit on behalf of Lehman Brothers Holdings Inc. and certain of its affiliates, including Archstone LB Syndicated Partner LLC, for an injunction, specific performance and a declaratory judgment, among other relief, against affiliates of Bank of America and Barclays, relating to a multi-billion dollar real estate group of companies known as Archstone. Archstone holds one of the largest residential real estate portfolios in the nation. The parties to the lawsuit, and certain other parties, acquired Archstone in 2007 for a purchase price of approximately $22 billion. Since the acquisition, the parties’ interests in Archstone have been restructured on several occasions. The lawsuit relates to Bank of America’s and Barclay’s effort to sell their combined approximately 53% interests in Archstone to Archstone’s largest competitor – Equity Residential. On December 14, 2011, Lehman Brothers and its affiliates sent a notice of intent to exercise their “right of first offer” under the governing documents of Archstone.
A copy of the Complaint is available here.