18:04 ET<\/span>
\n<\/span><\/p>\nThe trustee handling the liquidation of the collapsed US investment bank Lehman Brothers has taken legal action against Citibank.<\/p>\n
The trustee is seeking to recover cash and assets worth about $1.3bn (\u00a3800m).<\/p>\n
The main part of the claim relates to a $1bn deposit demanded by Citibank in return for continuing to provide foreign exchange settlements after Lehman filed for bankruptcy in 2008.<\/p>\n
Citibank said the claim was “unjustified and without merit”.<\/p>\n
In addition to the $1bn deposit, the trustee is also seeking to recover $300m of deposits that Citibank froze at the time.<\/p>\n
Citibank said the sums had gone towards covering losses resulting from the Lehman collapse, with the rest being offset against other obligations Lehman had to Citi.<\/p>\n
Last month Citigroup, which owns Citibank, acknowledged that it could face claims to the tune of some $3bn from Lehman’s bankruptcy proceedings.<\/p>\n
Lehman deposited $2bn with Citigroup in June 2008, before its collapse in September. The money has not been recovered.<\/p>\n
The collapse of Lehman Brothers sparked a financial crisis and a global recession that is still proving painful for people and companies across the globe.<\/p>\n<\/p><\/div>\n<\/p>\n
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