Citigroup sues Barclays over losses tied to Lehman
(Reuters) – Citigroup Inc has sued Barclays Plc to recover more than $141 million for providing foreign exchange services to a unit of Lehman Brothers Holdings Inc soon after Lehman’s bankruptcy. The complaint filed late Monday in the U. S. District Court in Manhattan related to Citigroup’s role in the Continuous Linked Settlement system, which was designed to ensure that foreign exchange trades are completed. Citigroup said it sought to stop settling trades for Lehman’s brokerage unit on September 17, 2008, two days after Lehman went bankrupt, because it was incurring large losses. . . .
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