NEW YORK Aug 24 Hedge fund Citadel Investment
Group claims it is owed $470.5 million on derivatives contracts
it held with Lehman Brothers LEHMQ.PK, according to a claim
filed in a New York bankruptcy court last week.
Citadel, which manages around $12 billion in assets, claims
it is owed the money in its Citadel Equity Fund. The filing
said the claim was at least partly based on a guarantee, but
did not give details.
Derivatives take their value from underlying assets, which
can include debt, equity or commodities. The contracts can be
used to hedge or bet on changes in the value of the underlying
The claim was filed in the U.S. Bankruptcy Court for the
Southern District of New York on Aug. 17.