Times Wire Reports

The California Public Employees' Retirement System said it shouldn't have to pay $17.2 million to a unit of Lehman Bros. Holdings Inc. on terminated swap contracts.

CalPERS said in papers filed in Bankruptcy Court that it has the right to set off the debt against $433 million it is owed on the parent company's bonds. The pension fund asked the judge to lift a stay, put in place last fall when Lehman filed for bankruptcy, to let it proceed with the offset.

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