Lehman Trustee Files $1.3B Suit Against Citi

Law360, New York (March 18, 2011, 10:32 PM EDT) -- The trustee overseeing the liquidation of Lehman Brothers Inc. filed a more than $1.3 billion suit against Citibank NA in New York on Friday, seeking to recover money the bank took from LBI as it was winding down.

Citibank has refused to return deposits LBI made after its holding company, Lehman Brothers Holdings Inc., filed for bankruptcy, trustee James W. Giddens said in a complaint filed in the U.S. Bankruptcy Court for the Southern District of New York.

Citibank claims it is owed the money and...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.