Pickens Sues Lehman For $59.9M

Law360, New York (October 8, 2008, 12:00 AM EDT) -- Texas billionaire T. Boone Pickens has sued a unit of bankrupt investment bank Lehman Brothers Holdings Inc. for $59.9 million in damages stemming from derivatives deals that were aborted after the bank filed for bankruptcy on Sept. 15.

The damages consist of unreimbursed collateral that had been posted by Pickens and four of his energy funds, according to Reuters.

Lehman's bankruptcy filing opened the door for Pickens to terminate his investment agreements with Lehman Brothers Commodity Services Inc., Pickens said in a complaint filed Monday in...
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