Pickens Sues Lehman For $59.9M

Law360, New York (October 8, 2008, 12:00 AM EDT) -- Texas billionaire T. Boone Pickens has sued a unit of bankrupt investment bank Lehman Brothers Holdings Inc. for $59.9 million in damages stemming from derivatives deals that were aborted after the bank filed for bankruptcy on Sept. 15.

The damages consist of unreimbursed collateral that had been posted by Pickens and four of his energy funds, according to Reuters.

Lehman's bankruptcy filing opened the door for Pickens to terminate his investment agreements with Lehman Brothers Commodity Services Inc., Pickens said in a complaint filed Monday in...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.