A Delaware Superior Court judge has shifted to federal bankruptcy court a dispute over Lehman Brothers Holdings’ effort to be indemnified for losses on toxic mortgage loans it bought in the run-up to the 2008 financial crisis.
The declaratory judgment suit, filed in January by a Utah-based seller of the loans, had airs of “tactical, pre-emptive forum shopping,” Judge Paul R. Wallace said, and the issue should be resolved as a part of Lehman’s bankruptcy proceedings, which have now stretched on for eight years.
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