Lehman sues JP Morgan for damages (BBC)

[eppur_se_muova]

Lehman Brothers Holdings is suing JP Morgan Chase to recover tens of billions of dollars in "lost value".

Lehman claims JP Morgan "siphoned off" billions of dollars of assets in the days leading up to its bankruptcy.

JP Morgan was Lehman's main short-term lender before its September 2008 collapse. It is accused of contributing to the failure by demanding $8.6bn of collateral as credit markets tightened.

JP Morgan has called the lawsuit "ill-conceived".

The lawsuit, filed in Manhattan, New York, accuses JP Morgan of using its "unparalleled access" to inside details of Lehman's distress to demand the cash in the four business days ahead of Lehman's collapse.
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more: http://news.bbc.co.uk/2/hi/business/10169981.stm