Lehman Brothers, is suing J.P. Morgan Chase. ehman is now an estate holdings from bankruptcy. Seems J.P. Morgan wanted some cash, right before Lehman went down, as much as they could get it seems. Damn them.
The lawsuit 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, the suit alleged, coerced Lehman to turn over $8.6 billion in collateral in September 2008, triggering a liquidity squeeze that contributed to Lehman's collapse.
Seems J.P. Morgan also checked Lehman's fictitious books under false pretenses. Damn them.
A bankruptcy-court examiner found in a recent report that Lehman could pursue a legal claim against J.P. Morgan for making "excessive collateral requests," though he labeled it "not a strong claim." The examiner said Lehman could have a legal claim to claw back $6.9 billion of the $8.6 billion pledged to J.P. Morgan.
Note an insignificant chunk of change and note the bankruptcy examiner has cleared the suit.