JPMorgan Is Lehman’s Next Deep-Pocket Target After Barclays
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Lehman Brothers Holdings Inc., whose $11 billion suit against Barclays Plc is drawing to a close, is going after JPMorgan Chase & Co. as the next deep pocket to pay creditors in the biggest U.S. bankruptcy.
Lehman sued JPMorgan for $8.6 billion in collateral and tens of billions in damages, claiming the bank and Chairman James Dimon helped cause its collapse. The second-biggest U.S. bank twice asked a judge to dismiss the lawsuit. It said it was protected by a law governing the $467 trillion market for swaps and repurchase agreements when it lent Lehman’s failing brokerage $100 billion a day during the 2008 financial crisis.