Lehman Brothers Holdings Inc. is suing the Federal Home Loan Bank of New York for more than $150 million over dozens of soured interest-rate swaps, the Wall Street Journal reported today. Lehman and its Special Financing unit sued Federal Home Loan Bank, or FHLBNY, on Wednesday in bankruptcy court over payments it says are due from its position on 356 swaps and options transactions. Lehman says it was in the money on the swaps at the time of its 2008 bankruptcy filing. Although Lehman officially exited bankruptcy protection in 2012, its derivatives team is still wrangling with creditors over billions of dollars in disputed claims. FHLBNY, which had entered into replacement swaps with other counterparties after Lehman’s collapse, initially said Lehman owes it about $64.5 million. The bank, which said it was impossible to properly value the swaps in the days after Lehman’s collapse, later amended the amount Lehman allegedly owed to $44.9 million.
