It comes three months after a bankruptcy judge released $35 million to cover the legal costs of the investment bank’s former executives. The money—$10 million of which was used to settle a lawsuit against the firm’s bro-hugging disgraced ex-CEO Dick Fuld—is going to run out by the end of November, so the lawyers filed a motion for more cash, which would come from “insurance policies that the company bought to cover costs in case its directors and officers were investigated or sued.”
According to Dealbook, which has a link to to the motion, the insurance policies did not go in effect until May 2008, implying that investigators are now zeroing on the last months of the bank, which went under in September of that year.
Lehman Lawyers Seek a Fresh $90 Million [Dealbook/NYT]
