A lawsuit has been filed and is seeking class action status against the Lehman Bros. Holdings Inc. banking unit for allegedly terminating rate lock agreements. The federal lawsuit was filed in New York and claims Lehman Brothers Bank breached agreements with commercial mortgage applicants to lock in interest rates. The lawsuit was filed on behalf of anyone who applied for or received a commitment for a commercial mortgage with a rate lock agreement since June 12, 2007 and anyone who has had such loan agreements changed or canceled.
The suit claims Lehman Brothers Bank breached rate lock loan agreements and attempted to renegotiate the rate lock agreement by virtue of offering loans with differing interest rates without any jurisdiction whatsoever.
