US - California Public Employees' Retirement System (Calpers) has joined a group of Lehman Brothers creditors with more than US$14bn in claims against the failed investment bank.
Calpers' addition to the group, alongside Fortress Investment Group, brings the membership up to 11, with claims of US$14.8bn, according to a court filing in the U.S. Bankruptcy Court in New York this week.
The newest members, besides Fortress and the California Public Employees' Retirement System, or Calpers, include Owl Creek Asset Management, Western Asset Management Co. and San Mateo County in California.
The unofficial group was formed in May 2009 by Elliott Capital Management, King Street Capital Management and Paulson & Co. to represent their interests in Lehman's bankruptcy case. When Elliott was appointed to the official committee representing unsecured creditors in February, it withdrew from the ad hoc group, according to the filing.
In July 2009, the group tried unsuccessfully to end Lehman's control over its bankruptcy case so creditors could propose their own plan to pay claims against the investment bank.
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