Citi Fights Lehman's $2B Provisional Setoff Of Claims Bid

Law360, New York (October 4, 2013, 7:11 PM EDT) -- Citigroup Inc. blasted Lehman Brothers Holdings Inc.’s attempt to block it from collecting potentially hundreds of millions of dollars in interest connected to Citigroup's $2.2 billion in claims against Lehman, saying Wednesday in its New York bankrupcty court filing that Lehman wants “unprecedented” judicial relief.

Manhattan-based Citigroup took aim at the failed investment bank’s bid to exercise a provisional setoff of Citgroup’s claims — against a $2 billion deposit Lehman had made at Citigroup prior to its collapse — and to cut off Citigroup’s right to...
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