Citi's Trading Procedures Used To Combat $2B Lehman Suit

Law360, New York (May 2, 2017, 7:50 PM EDT) -- Citibank NA’s head of global credit trading was put on the stand Tuesday morning at a Manhattan bankruptcy court trial to paint a picture of how derivatives traders operated around the time of Lehman Brothers’ 2008 collapse, as Citi clings to a $2 billion claim against Lehman’s estate.

Brian Archer was the second witness called by Citibank as it fights off claims that it “conjured up more than $2 billion in phantom transaction costs” when it calculated close-out amounts for around 30,000 terminated derivatives trades that...
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.