- Legal News Updates
- Law Center
- Legal Business
- Court News Center
- Law Firm News
- Legal Interviews
- Headline News
- Political and Legal
- Practice Focuses
- Legal Spotlight
- Events & Seminars
- Legal Marketing
- Court Watch
- Immigration Law
- Media Center
- Justice Stories
- Court: Man can't be retried for murder after mistrial ruling
- Michigan Democrats back Nessel for state attorney general
- Question of sales tax on online purchases goes to high court
- Supreme Court again refuses to hear Blagojevich appeal
- Court hears case alleging unconstitutional 6th District gerrymander
- Maryland redistricting case comes before Supreme Court
- Courts weighing numerous challenges to political boundaries
- Arkansas wants court to dissolve stay for death row prisoner
- TransCanada doesn't have to pay landowner attorneys
- Martin Shkreli cries in court, is sentenced to 7 years for securities fraud
In the complaint filed on Wednesday with the U.S. Bankruptcy Court for the Southern District of New York, Lehman claims that Citibank is wrongfully withholding the money as a potential source of funds in a dispute over derivative contracts.
Lehman also is asking the court to disallow what it says are $2 billion of "inflated and legally unsupported" claims that Citibank has asserted against it.
In a statement Thursday, Citigroup vowed to defend itself and its right to recover losses from Lehman's collapse. It called the lawsuit unjustified and accused Lehman of trying to renege on its obligations and claw back assets to which it has no right.
According to the lawsuit, Citi demanded on June 12, 2008, that Lehman transfer between $3 billion to $5 billion into an account to cover potential overdrafts by Lehman subsidiaries that were using Citi's clearing and settlement services.
Legal News Media
Legal News Organization press is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. The content contained on the web site has been prepared by Legal News Media as a service to the internet
community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.