Some of the world's biggest banks, including Goldman Sachs Group Inc. and Bank of America Corp., are fighting Lehman Brothers Holdings Inc.'s plan to spin off an asset management unit.
The banks say the proposal, which Lehman will use to repay creditors owed hundreds of billions of dollars, is being rushed and appears to be unfair to certain Lehman creditors.
Besides Goldman Sachs and B of A, the other opponents include D.E. Shaw Group, Deutsche Bank AG, Morgan Stanley and Royal Bank of Scotland Group PLC.
The opponents are creditors under derivatives contracts with a Lehman unit called Lehman Brothers Special Financing Inc., according to court documents.
The objection to the plan, filed Monday afternoon with the U.S. Bankruptcy Court in Manhattan, comes as Lehman is set to go to court next week to ask a judge to sign off on the proposal.
Lehman is heading into court with the support of an influential creditor group — the committee representing unsecured creditors, which says it will back the asset management company.
