The Ajamie law firm successfully litigated and settled an unsecured claim in the Lehman Brothers bankruptcy pending in New York. Our client had initially sued Lehman in Texas state court for damages arising out of Lehman’s misconduct while working as a transactional advisor to our client. The transaction failed, our client was required to restate its earnings, its stock price plummeted and it was sued for millions of dollars by its shareholders. Our client hired us to sue Lehman for breach of contract, breach of fiduciary duty and fraud. The case progressed through discovery in state court until it was stayed by Lehman’s bankruptcy. We filed a proof of claim in the New York bankruptcy proceedings for this unliquidated and unsecured general creditor litigation claim and oral argument was held in the bankruptcy court. Following the oral argument, the federal court judge indicated that part of our client’s claim had merit, which in turn gave us negotiation leverage to work out a settlement of the claim with the bankruptcy trustee.
