JPMorgan Chase settles with Lehman Brothers Holdings over claims that it drained Lehman of billions of dollars before the investment banking firm’s infamous collapse in 2008.
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Once the fourth-largest investment bank, Lehman Brothers Holdings Inc. was hit hard by the subprime mortgage crisis and filed bankruptcy in 2008. According to the Wall Street Journal, the company is making headlines again by filing suit against three financial institutions—Syncora Holdings Ltd., U.S. Bancorp, and GreenPoint Mortgage Funding, Inc.—in an attempt to disallow “duplicate” claims emerging from crisis-era loans.
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