Citadel Says Lehman Owes $471M For Derivatives

Law360, New York (August 25, 2009, 4:58 PM EDT) -- Citadel Investment Group LLC has filed a $470.5 million claim against Lehman Brothers Holdings Inc. stemming from derivative contracts the hedge fund entered into with the failed investment bank.

The claim, filed in the U.S. Bankruptcy Court for the Southern District of New York on Aug. 17, also includes interest that Citadel claims it is owed, making the size of the actual derivative contract unclear.

Citadel made the claim on behalf of one of its funds, the Citadel Equity Fund Ltd. Devon Spurgeon, a spokeswoman for...
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