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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...
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