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This is an archive article published on March 20, 2011

Lehman sues Citibank to recover over $1.3 billion

The trustee overseeing the liquidation of Lehman Brothers Holdings broker dealer has sued Citibank to recover more than $1.3 billion in cash and other assets.

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The trustee overseeing the liquidation of Lehman Brothers Holdings broker dealer has sued Citibank to recover more than $1.3 billion in cash and other assets.

The assets include a $1 billion deposit that Citibank demanded to continue providing foreign exchange settlement services to broker-dealer Lehman Brothers after its parent filed for Chapter 11 bankruptcy protection,according to a complaint filed in US bankruptcy court in Manhattan on Friday.

Citibank also froze more than $300 million in additional deposits,according to the complaint filed by Lehman Brothers trustee James Giddens.

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