UPDATE 1-Lehman examiner cleared to release full report

* Lehman examiner to release full report later Wednesday

* Judge overrules objection of CME Group

By Emily Chasan

NEW YORK, April 14 (BestGrowthStock) – A U.S. bankruptcy judge on
Wednesday said the court-appointed examiner of Lehman Brothers
Holdings Inc (LEHMQ.PK: ) could release his report to the public
in full, including all supporting documents.

At a hearing in U.S. bankruptcy court in Manhattan, Judge
James Peck overruled an objection from CME Group Inc (CME.O: ),
parent of the Chicago Mercantile Exchange, which sought to keep
some information about bids in an auction of Lehman’s futures
holdings secret.

“From the court’s perspective the claims of confidentiality
are weak relative to the public’s right to know,” Peck said.

CME Group, with the support of the futures industry, had
sought to keep confidential information about buyers of
Lehman’s former futures and options positions in a special
auction conducted by CME in the midst of Lehman’s 2008
collapse.

A CME Group attorney said in court on Wednesday that
disclosing the information could discourage future bidders from
participating in auctions, since futures markets transactions
are based on a certain expected anonymity.

The judge, however, dismissed the concerns as “potential
future harm to events that may never occur,” when he told the
examiner the full report could be released.

An attorney for the examiner said the complete unredacted
version of the examiner’s report as well as hundreds of
supporting documents could be published later on Wednesday,
since the documents would take only about five to eight hours
to upload.

Following a more than year-long investigation, Lehman’s
examiner Anton Valukas released an initial version of the
report on March 11, which revealed certain accounting gimmicks
may have led to the investment bank’s collapse.
[ID:nN11252693]

The case is In re: Lehman Brothers Holdings Inc, U.S.
Bankruptcy Court, Southern District of New York, No. 08-13555.

Penny Stocks

(Reporting by Emily Chasan, editing by Maureen Bavdek)

UPDATE 1-Lehman examiner cleared to release full report