Lehman Suing J.P. Morgan

WALL STREET WAR

Updated Apr. 25, 2017 10:01AM EDT / Published May 27, 2010 2:09AM EDT

Lehman Brothers is still fighting. Its bankruptcy estate is filing a suit against J.P. Morgan, alleging that the bank coerced Lehman into handing over $8.6 billion in collateral in the days before it filed for bankruptcy in September 2008. Specifically, the suit blames J.P. Morgan CEO Jamie Dimon and other top executives for using inside knowledge to squeeze billions out of Lehman while it acted as its “clearing bank”—essentially a mediator between its creditors and investors. During that time, the suit says, J.P. Morgan made increasing demands for collateral that Lehman was in no position to deny. But a bankruptcy-court examiner recently reported that while Lehman could make a case, it was "not a strong claim."

Read it at The Wall Street Journal

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Lehman Suing J.P. Morgan