"The Michigan State Housing Development Authority, which sued Lehman Brothers Holdings Inc. (LEHMQ) in bankruptcy court over derivatives transactions, said it is seeking to move its suit to a higher court.
The Lehman bankruptcy judge’s interpretation of swap contracts is “surpassingly broad” and requires U.S. District Court review because it has ramifications for international securities markets, the authority said yesterday in court papers. The global over-the-counter derivatives market is valued at $601 trillion by the Bank for International Settlements"...........LINK
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