Today's Hard|Forum Post
Today's Hard|Forum Post

Thursday May 02, 2013

Lehman Brothers Sues Intel Over $1B In Seized Collateral

Damn, we almost made it through the week without a billion dollar lawsuit. frown

The unit, Lehman Brothers OTC Derivatives Inc (LOTC), posted $1 billion in cash collateral to Intel also as part of the agreement. The agreement specified that Intel would be compensated for losses in case of early termination of the deal. According to the filing, Intel maintained that Lehman was to deliver "$1 billion in Intel common stock," but Lehman argued that the agreement was to deliver 50.5 million of Intel shares irrespective of the dollar value.