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 ...
VERY interesting. Thanks.