Giants Stadium LLC, an entity created by the New York football team to finance a new stadium during the financial crisis, sued Lehman Brothers Holdings Inc. seeking payment of a $301.8 million bankruptcy claim, Bloomberg News reported yesterday. The defunct lender and one of its affiliates breached a 2007 swap agreement tied to the stadium’s financing when Lehman failed to pay the owed amount on Oct. 2, 2008, about two weeks after the bank collapsed, Giants Stadium said in a filing yesterday in bankruptcy court. The claim was made in response to a lawsuit filed by Lehman against Giants Stadium in October seeking about $100 million for early termination of interest-rate swap transactions when the investment bank filed for bankruptcy. Each side says that the other defaulted on the deals, according to court papers.
