Citigroup to settle dispute with Lehman Brothers for $1.74 billion: Bloomberg


(Reuters) – Citigroup Inc (C.N) and Lehman Brothers Holdings Inc resolved a fight over $2.1 billion that dates to the financial crisis era after Citigroup agreed to give back $1.74 billion to the estate of the investment bank, according to Bloomberg.

Citigroup had kept about $2.1 billion that Lehman had on deposit with it for trades following the Lehman bankruptcy, Bloomberg said.

The dispute arose because Citigroup said it was owed $2 billion as a result of Lehman’s bankruptcy, while Lehman argued that the money should go to its creditors, Bloomberg said.

Lehman Brothers Managing Director Steven Mullaney said in court papers that the pact was “reasonable in light of the complexities of the litigation,” according to Bloomberg.

Reuters was not able to get a comment from Citigroup or Lehman Brothers outside business hours.

Reporting by Mekhla Raina in Bengaluru; Editing by Richard Pullin

Our Standards:The Thomson Reuters Trust Principles.



Source link

قالب وردپرس



We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.



Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at agfab2013@gmail.com


Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535


Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply