LB Somerset Latest Lehman Unit To File For Ch. 11

Law360, New York (December 23, 2009, 5:27 PM EST) -- LB Somerset LLC has filed for Chapter 11 bankruptcy protection, becoming the latest unit of the failed investment bank to file for court-ordered protection.

In a petition filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, LB Somerset listed assets and liabilities of more than $1 billion each.

The Lehman Brothers unit also listed more than 100,000 creditors and said in its filing that the list is the same as the creditors in its parent company's bankruptcy proceedings.

It is unclear...
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