Comments
Citigroup Inc 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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.