Lehman Brothers Ready for a Fight with Geithner
Lehman Brothers Holdings and its creditors said late on Thursday that between them they intend to subpoena Treasury Secretary Timothy Geithner. Theyb wish to question Geithner under oath over allegations that J.P. Morgan (NYSE: JPM) illegally took billions of dollars from the doomed investment bank immediately prior to filing for bankruptcy.
The committee representing the creditors say that the Treasury Department "refuses to provide the creditors of Lehman Brothers with key evidence from... Geithner, who was a crucial witness to certain key events at issue in the creditors' litigation with JPMorgan."
Lehman Brothers said that the bankruptcy was, “the largest and most complex in history”, as it involved 7,000 legal entities in 40 countries, and 75 separate district court proceedings.
