Deals
Citibank Sued for $1.3 Billion by Lehman Brokerage Trustee
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A Citigroup Inc. unit was sued by Lehman Brothers Holdings Inc.’s brokerage trustee, who is seeking $1.3 billion for the bankrupt company’s creditors.
More than $1.3 billion in cash and other assets now held by Citibank and affiliates should go to creditors, said the trustee, James Giddens, in a lawsuit filed in Manhattan bankruptcy court yesterday. Citibank has no right to keep a $1 billion deposit, given to it for foreign exchange settlement services, the trustee said.