Lehman Trustee Wants Citigroup To Return $1B

Citigroup should pay back $1 billion to Lehman Brothers, according to the brokerage’s trustee.

Citigroup should pay back $1 billion to Lehman Brothers, according to the brokerage’s trustee, Bloomberg reports. The trustee has in a court filing asked Citi to make the payments. The trustee alleges the bank owes the money to Lehman as it was not safeguarded by ‘safe harbour’ law governing securities transactions. Citi had seized the amount from the brokerage firm and frozen $300 million of the bankrupt firm’s assets.

Click here for the story from Bloomberg.