UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | April 11, 2017 |
Federal Home Loan Bank of New York
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(Exact name of registrant as specified in its charter)
| Federally Chartered Corporation | 000-51397 | 136400946 |
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_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 101 Park Avenue, Floor 5, New York, New York | 10178-0599 | |
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_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 212-441-6616 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On April 11, 2017, the Federal Home Loan Bank of New York ("Bank") reached an agreement in principle to settle all claims pending in the United States Bankruptcy Court for the Southern District of New York in the case relating to the 2008 Lehman Brothers bankruptcy entitled Lehman Brothers Holdings Inc. v. Federal Home Loan Bank of New York (Adv. Pro. No. 15-01110). The settlement provides that the Bank will pay $70 million to the Lehman bankruptcy estate.
The Bank believes the settlement is in the best interest of itself and its members, as it will remove the uncertainty presented by this litigation. The Bank has sufficient retained earnings to cover the settlement.
The Bank expects to announce its operating highlights for the first quarter of 2017 on April 27, 2017.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Federal Home Loan Bank of New York | ||||
| April 12, 2017 | By: |
/s/ Kevin M. Neylan
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| Name: Kevin M. Neylan | ||||
| Title: Senior Vice President and Chief Financial Officer | ||||