"Lehman Brothers is accusing a Japanese trading company of perpetrating a massive fraud and plans to sue it for hundreds of millions of dollars, officials at the U.S. investment bank said Sunday.
Lehman is seeking to recoup US$350 million (euro221.58 million) in outstanding loans, which it provided to a unit of LTT Bio-Pharma, according to company officials who spoke condition of anonymity, citing the sensitivity of the case."
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It's really a slap in the face for recent lehman brothers supporters. After what was a vote of confidence by the markets after reporting good results, on comes a freight train carrying a bunch of useless loan agreements overunning everything.
Might see them testing $35 tonight if this news hit the market full steam.
