August 24, 2009 / 10:25 PM / 10 years ago

Citadel fund files $470 mln claim against Lehman

NEW YORK, Aug 24 (Reuters) - 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 assets.

The claim was filed in the U.S. Bankruptcy Court for the Southern District of New York on Aug. 17.

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