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JPMorgan Cries Fraud, Sues Lehman Over $25B Loan

Law360 (December 2, 2010, 5:42 PM EST) -- JPMorgan Chase & Co. has hit back at bankrupt Lehman Brothers Holdings Inc. in an adversary suit over the fallout from prebankruptcy transactions between the companies, accusing Lehman of making false statements and colluding with Barclays PLC to ensure that JPMorgan was "left holding the bag" for $25 billion in unpaid loans secured by worthless securities.

The counterclaims, filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, ratchet up a legal dispute that began in May, when Lehman Brothers accused JPMorgan...
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