Giants Stadium LLC, an entity created by the New York football team to finance a new stadium during the financial crisis, sued Lehman Brothers Holdings Inc. seeking payment of a $301.8 million bankruptcy claim.

The defunct lender and one of its affiliates breached a 2007 swap agreement tied to the stadium’s financing when Lehman failed to pay the owed amount on Oct. 2, 2008, about two weeks after the bank collapsed, Giants Stadium said in a filing yesterday in U.S. Bankruptcy Court in Manhattan.

The claim was made in response to a lawsuit filed by Lehman against Giants Stadium in October seeking about $100 million for early termination of interest-rate swap transactions when the investment bank filed for bankruptcy. Each side says the other defaulted on the deals, according to court papers.

The dispute has intensified as creditors of Lehman and its defunct brokerage unit, Lehman Brothers Inc., fight over remaining cash. The parent company in April began paying out about $17.9 billion in the fifth such distribution since filing the biggest bankruptcy in U.S. history. Lehman, which was based in New York, has said it expects to make a sixth payout around Sept. 30.

Kimberly Macleod, a spokeswoman for Lehman, declined to comment on the claim.

The stadium’s lawsuit names Lehman and Lehman Brothers Special Financing, which handled much of the collapsed bank’s swap contracts.

The swaps were part of the financing for the New Meadowlands Stadium in East Rutherford, New Jersey, according to court papers in the case.

Giants Stadium sought the swaps to hedge against interest rate risk from auction-rate securities used to finance the stadium, Lehman said in its earlier complaint. Lehman was the broker-dealer for those securities, the defunct lender said.

In the period leading up to Lehman’s Chapter 11 filing in September 2008, the auction-rate market collapsed and Lehman bought the bonds for its own account rather than auction them periodically, according to the filing. Under the applicable interest rate calculation, the swaps were about $60 million in Lehman’s favor at the time Giants Stadium terminated them, Lehman said.

The Giants had filed claims in bankruptcy court against Lehman over the terminated swaps for as much as $585 million each, according to the complaint.