Citigroup Reaches $435M Deal To End Lehman Dispute

Law360, New York (November 19, 2012, 3:00 PM EST) -- Citigroup Inc. has reached a $435 million deal with Lehman Brothers Inc.'s liquidating trustee, ending a fight over $1 billion in collateral posted by Lehman shortly before its 2008 bankruptcy, according to an agreement filed Friday in New York federal court.

Under the terms of the proposed settlement, Citi and several of its subsidiaries will pay $360 million to James W. Giddens, the Securities Investor Protection Act-mandated trustee liquidating LBI — the North American broker-dealer unit of Lehman Brothers Holdings Inc. — and relinquish a $75...
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