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To: CutePuppy; ken5050; Grampa Dave; stephenjohnbanker
Lehman's Bankruptcy Estate Sues J.P. Morgan
WSJ | 5/26/2010 | BY MIKE SPECTOR And SUSANNE CRAIG
FR Posted May 26, 2010 by markomalley Lehman Brothers Holdings Inc.'s bankruptcy estate sued

J.P. Morgan Chase & Co., alleging that J.P. Morgan illegally siphoned billions of dollars from Lehman in the days before the investment bank filed the largest bankruptcy in U.S. history.

The lawsuit, filed Wednesday in U.S. Bankruptcy Court in New York, alleges that J.P. Morgan Chief Executive James Dimon and other top executives used inside knowledge to take advantage of Lehman as its financial state worsened.

J.P. Morgan coerced Lehman to turn over $8.6 billion in collateral in September 2008, triggering a liquidity squeeze that contributed to Lehman's collapse, the suit said. The estate is hoping to recoup billions in collateral the bank demanded, and other damages. (Excerpt) Read more at online.wsj.com ...

15 posted on 01/06/2011 9:36:35 AM PST by Liz (There's a new definition of bipartisanship in Washington -- it's called "former member.")
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To: Liz

VERY interesting. Thanks.


35 posted on 01/06/2011 2:19:59 PM PST by stephenjohnbanker
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