It only takes a few moments to share an article, but the person on the other end who reads it might have his life changed forever.

Thursday, February 02, 2017

JPMorgan to pay Lehman $797.5 million to end litigation over collapse

JPMorgan Chase & Co will pay $797.5 million in cash to end all litigation brought on behalf the former Lehman Brothers Holdings Inc, whose September 2008 collapse triggered a global financial crisis... [this] follows JPMorgan's agreement last January to pay $1.42 billion in cash to resolve most other claims, in what had been an $8.6 billion lawsuit against the largest U.S. bank to recoup money for Lehman creditors.
JPMorgan, which had been Lehman's largest secured creditor, was accused of exploiting its leverage as Lehman's main "clearing" bank to siphon critical liquidity in the last few days before Lehman went bankrupt on Sept. 15, 2008.
Lehman creditors have maintained that JPMorgan unnecessarily extracted billions of dollars of collateral, and by doing so obtained a windfall at their expense.

No comments:

Post a Comment