11/10/2008 05:12 am ET Updated May 25, 2011

T. Boone Pickens Sues Lehman For $59.9M

North Texas billionaire T. Boone Pickens has filed suit against Lehman Brothers Commodity Services Inc. in New York Supreme Court, claiming the investment bank owes him and four of his energy funds $59.9 million.

In the lawsuit, attorneys for Pickens claim the Texas billionaire and his BP Energy, BP Equity, BP International and BP Master energy funds entered into financing instruments known as international swaps and derivatives association master agreements with Lehman's.

As part of those agreements, Pickens alleges there was a master agreement stipulating that in the event of a party defaulting the other party had a certain time frame in which they could designate a day for the parties to resolve all outstanding transactions.

This provision kicked in automatically when Lehman Brothers filed for Chapter 11 bankruptcy protection on Sept. 15, Pickens alleges in court documents.

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