Lehman Brothers has sued Citigroup Inc. (NYSE:C) for $2.5 billion.
The bankrupt Lehman Brothers has filed a case against Citigroup Inc. (NYSE:C) demanding $2.5 billion, in which it said the bank wrongfully withheld transferred money from the company.
Lehman Brother is seeking hundreds of millions from the bank in damages.
It is also looking to reduce or deny $2billion that Citigroup Inc. (NYSE:C) has from Lehman Brothers.
Citigroup Inc. (NYSE:C) has denied the accusation and said that it will challenge the case.
Danielle Romero-Apsilos, a Citigroup Inc. (NYSE:C) spokeswoman, said, “This action is an unjustified attempt by the Lehman estates to renege on their obligations to Citigroup Inc. (NYSE:C), and claw back assets to which they have no right. The bank, which went out of its way to try to help Lehman prior to its bankruptcy filing, will fight the lawsuit”.
Citigroup Inc. (NYSE:C) shares were at 34.23 at the end of the last day’s trading. There’s been a 5.3% change in the stock price over the past 3 months.
Citigroup Inc. (NYSE:C) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.82
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.73
Zack’s Rank: 6 out of 15 in the industry
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