Citigroup to settle Lehman Brothers' dispute for $1.74b

Reuters | Update:

The Citibank building is seen in the financial district of Canary Wharf in London, Britain, on 19 January 2017. -- Reuters File PhotoCitigroup Inc and Lehman Brothers Holdings Inc resolved a fight over $2.1 billion that dates to the financial crisis era after Citigroup agreed to give back $1.74 billion to the estate of the investment bank, according to Bloomberg.

Citigroup had kept about $2.1 billion that Lehman had on deposit with it for trades following the Lehman bankruptcy, Bloomberg said.

The dispute arose because Citigroup said it was owed $2 billion as a result of Lehman’s bankruptcy, while Lehman argued that the money should go to its creditors, Bloomberg said.

Lehman Brothers Managing Director Steven Mullaney said in court papers that the pact was “reasonable in light of the complexities of the litigation,” according to Bloomberg.

Reuters was not able to get a comment from Citigroup or Lehman Brothers outside business hours.

Reader's Comment

 

Commenting is closed

Want to be annomymous
I am commenting by following the terms & condition of Prothom Alo
   
Editor & publisher: Matiur Rahman.
CA Bhaban, 100 Kazi Nazrul Islam avenue, Karwan Bazar, Dhaka 1215
Phone: 8180078-81, Fax: 9130496, E-mail: info@prothom-alo.info
 
UP