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AGO > SEC Filings for AGO > Form 8-K on 29-Nov-2011All Recent SEC Filings

Show all filings for ASSURED GUARANTY LTD



Other Events

Item 8.01. Other Events.

On November 28, 2011, Lehman Brothers International (Europe) (in administration) ("LBIE") sued AG Financial Products Inc. ("AG Financial Products"), a subsidiary of Assured Guaranty Ltd., in the Supreme Court of the State of New York, alleging that AG Financial Products improperly terminated nine credit derivative transactions between LBIE and AG Financial Products and improperly calculated the termination payment in connection with the termination of 28 other credit derivative transactions between LBIE and AG Financial Products. With respect to the 28 credit derivative transactions, AG Financial Products calculated that LBIE owes AG Financial Products approximately $24.8 million, whereas LBIE asserted in the complaint that AG Financial Products owes LBIE a termination payment of approximately $1.4 billion. LBIE is seeking unspecified damages. AG Financial Products believes that, following defaults by LBIE, the transactions in question were properly terminated by AG Financial Products in 2008 and 2009 in compliance with the requirements of the agreement between AG Financial Products and LBIE, and that the termination payment was calculated properly. AG Financial Products further believes that the claims by LBIE are without merit and intends to vigorously defend the lawsuit.

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