J.P. Morgan Sues Lehman Over $70 Billion in Post-Bankruptcy Loans
Wall Street Journal, Dec. 2, 2010
December 01, 2010 at 07:00 PM
1 minute read
The original version of this story was published on Law.com
J.P. Morgan Chase & Co. is suing Lehman Brothers Holdings Inc., claiming the failed investment bank engaged in “collusion and deception” when it persuaded the bank to lend more than $70 billion in the days after it filed for Chapter 11 bankruptcy protection in 2008.
In the lawsuit filed late Wednesday with the U.S. Bankruptcy Court in Manhattan, J.P. Morgan said Lehman and Barclays PLC, the buyer of much of the failed bank's assets, misled J.P. Morgan into believing its loans would be paid in full as part of that sale.
Instead, Barclays bought the Lehman assets it wanted and left J.P. Morgan with loans secured by Lehman's “most toxic securities,” according to the lawsuit.
For the full Wall Street Journal story, click here.
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