May 7, 2012
On 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 initial lawsuit related 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 January 20, 2012, Lehman acquired one-half of the Banks’ Archstone interests pursuant to Lehman’s “right of first offer” under the governing documents of Archstone. Following that transaction, Lehman owned approximately 73.5% of Archstone and the Banks continued to hold approximately 26.5%. On May 7, 2012, Lehman filed its Second Amended Complaint against the Banks and Equity Residential.
A copy of the Second Amended Complaint is available below.