First BanCorp Puerto Rico wants a quick win in a fight with Lehman Brothers Inc., arguing that its $63.5 million claim relating to an old swap agreement should be paid in full as a "customer" claim against the Lehman brokerage, the Wall Street Journal reported today. Lawyers for First BanCorp in a Friday court filing pressed their case that because Lehman's brokerage maintained a "securities account" for First BanCorp, the swap agreement technically makes the bank a Lehman customer. "FirstBank entrusted its securities to LBI for safekeeping in its role as securities intermediary, and LBI treated FirstBank as the owner of those securities at all times," lawyers for FirstBancorp said in their filing. James W. Giddens, the trustee unwinding Lehman's brokerage, is also asking for a quick ruling in his favor over the claim or asking for it to be expunged completely. Giddens said in court filings last month that if First BanCorp has a claim in the case at all, it isn't with the brokerage unit but rather with a Lehman derivatives unit, Lehman Brothers Specialty Finance.
