According to the good folks at Bloomberg bankrupt Lehman Brothers Holdings Inc. sued Citigroup Inc.’s Citibank for $2.5 billion by over claims the bank “wrongfully” withheld the money after it was transferred by Lehman in the months before its 2008 bankruptcy. Lehman also is seeking “hundreds of millions” owed by Citibank, and wants to reduce or deny $2 billion of claims Citibank filed against Lehman, according to a court filing yesterday.
Lehman, which is pursuing a liquidation plan that would pay creditors less than 18 cents on the dollar, has said that $2 billion of the cash it has gathered so far to pay creditors was pledged to Citigroup. In addition to trying to free up cash, it is seeking to cut bank claims on its assets to increase the amount available for other creditors….
http://www.bloomberg.com/news/2012-02-09/citigroup-sued-by-lehman-brothers-for-2-5-billion-wrongfully-withheld.html
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