Lehman trustee is suing Citibank Skip to main content

Lehman trustee is suing Citibank

Citibank in New York Citibank has rejected the claim made by the Lehman trustee

Big Banking

The trustee handling the liquidation of the collapsed US investment bank Lehman Brothers has taken legal action against Citibank.
The trustee is seeking to recover cash and assets worth about $1.3bn (£800m).
The main part of the claim relates to a $1bn deposit demanded by Citibank in return for continuing to provide foreign exchange settlements after Lehman filed for bankruptcy in 2008.
Citibank said the claim was "unjustified and without merit".
In addition to the $1bn deposit, the trustee is also seeking to recover $300m of deposits that Citibank froze at the time.
Citibank said the sums had gone towards covering losses resulting from the Lehman collapse, with the rest being offset against other obligations Lehman had to Citi.
Last month Citigroup, which owns Citibank, acknowledged that it could face claims to the tune of some $3bn from Lehman's bankruptcy proceedings.
Lehman deposited $2bn with Citigroup in June 2008, before its collapse in September. The money has not been recovered.
The collapse of Lehman Brothers sparked a financial crisis and a global recession that is still proving painful for people and companies across the globe.

http://www.bbc.co.uk/news/business-12793474
Labels:

Comments

Post a Comment

Popular posts from this blog

Chronology of the Press in Burma

1836 – 1846 * During this period the first English-language newspaper was launched under British-ruled Tenasserim, southern  Burma . The first ethnic Karen-language and Burmese-language newspapers also appear in this period.     March 3, 1836 —The first English-language newspaper,  The Maulmain Chronicle , appears in the city of Moulmein in British-ruled Tenasserim. The paper, first published by a British official named E.A. Blundell, continued up until the 1950s. September 1842 —Tavoy’s  Hsa-tu-gaw  (the  Morning Star ), a monthly publication in the Karen-language of  Sgaw ,  is established by the Baptist mission. It is the first ethnic language newspaper. Circulation reached about three hundred until its publication ceased in 1849. January 1843 —The Baptist mission publishes a monthly newspaper, the Christian  Dhamma  Thadinsa  (the  Religious Herald ), in Moulmein. Supposedly the first Burmese-language newspaper, it continued up until the first year of the second Angl
Post a Comment
Read more

Thai penis whitening trend raises eyebrows

Image copyright LELUXHOSPITAL Image caption Authorities warn the procedure could be quite painful A supposed trend of penis whitening has captivated Thailand in recent days and left it asking if the country's beauty industry is taking things too far. Skin whitening is nothing new in many Asian countries, where darker skin is often associated with outdoor labour, therefore, being poorer. But even so, when a clip of a clinic's latest intriguing procedure was posted online, it quickly went viral. Thailand's health ministry has since issued a warning over the procedure. The BBC Thai service spoke to one patient who had undergone the treatment, who told them: "I wanted to feel more confident in my swimming briefs". The 30-year-old said his first session of several was two months ago, and he had since seen a definite change in the shade. 'What for?' The original Facebook post from the clinic offering the treatment, which uses lasers to break do
1 comment
Read more

Is 160 enough? One Indian man's family

By Sumnima Udas , CNN October 31, 2011 -- Updated 0857 GMT (1657 HKT) Ziona, center, with his has 39 wives, 86 children and 35 grandchildren in rural Baktwang village, India. STORY HIGHLIGHTS One man in India is the patriarch of a family of 160 in rural India Ziona, who only goes by his first name, has 39 wives, 86 children and 35 grandchildren. Ziona's father, Chana, founded the Christian sect in Baktwang that promotes polygamy "I never wanted to get married but that's the path God has chosen for me" Mizoram, India (CNN) -- The world's population hits 7 billion this week, but Ziona, the patriarch of what may be the biggest family in the world, is not bothered. "I don't care about overpopulation in India ... I believe God has chosen us to be like this (have big families). Those who are born into this family don't want to leave this tradition so we just keep growing and growing," he says with a smile. Ziona, who only goes by his f
Post a Comment
Read more