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Lehman Sues Credit Suisse Group AG-Reuters

Thursday, 7 Nov 2013 10:21am EST 

Reuters reported that Lehman Brothers Holdings Inc has sued Credit Suisse Group AG, seeking to reduce inflated bankruptcy claims by roughly $1.1 billion, and also recover about $150 million from the Swiss bank. In a complaint filed on Wednesday in U.S. Bankruptcy Court in Manhattan, Lehman accused Credit Suisse of exaggerating claims related to the early end of tens of thousands of derivatives transactions. Credit Suisse spokesman Drew Benson declined to comment. The lawsuit seeks to reduce or void Credit Suisse's claims, and recover damages for alleged breach of contract.