Citibank Exec Defends Trade Valuations At $2B Lehman Trial

Law360, New York (May 3, 2017, 10:15 PM EDT) -- Citibank’s head of global credit trading on Wednesday defended the methods used by his traders to calculate the costs of replacing about 30,000 derivatives trades that went into default following Lehman Brothers’ 2008 collapse, as Citi seeks to justify a $2 billion claim against the shuttered investment firm.

Testifying for the second day in a Manhattan bankruptcy court, Brian Archer talked about the difficulty of managing risk in the volatile days following the Chapter 11 filing of Lehman Brothers Holdings Inc. in September 2008. Archer’s decision...
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