Thursday, June 10, 2010
Lehman Brothers estate sues JPMorgan Chase
The estate of Lehman Brothers has sued JPMorganChase, claiming JPMorgan helped drive Lehman into bankruptcy by forcingit into giving up needed cash reserves. Lehman alleges that JPMorgan forced the now-failed bank to put up billions of dollars incollateral that sapped Lehman of the cash it needed to stay afloat. Lehman filed for bankruptcy in September 2008, helping spark one of the worst financial crisis in U.S. history. A spokesman for JPMorgan said lawsuit is without merit and JPMorgan plans to defend itself from the claims. Abankruptcy examiner's report released earlier this year pins the blamefor Lehman's collapse on executives and the bank for taking too manyrisks and misrepresenting its financial health.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment