The independent examiner’s report investigating the collapse of Lehman Brothers is out (you can read it here), and the snippets making early headlines suggest the examiner, Jenner & Block Chairman Anton Valukas, spreads the blame around in his 2,200-page report.
Our colleagues at The Am Law Litigation Daily will have more analysis shortly. On first glance, it appears that Valukas has produced a thorough report and cast a wide net of blame. The report, which cost $38 million to produce, says that JPMorgan Chase and Citigroup, as lenders to Lehman, contributed to the liquidity crisis that drove it into bankruptcy. It also suggests that “a limited amount” of Lehman assets were “improperly transferred” to Barclays when the U.K. bank purchased Lehman’s North American operations just days after Lehman’s bankruptcy filing on Sept. 15, 2008, according to Bloomberg. It’s unclear now what impact that finding might have on Lehman’s suit accusing Barclays of getting an “improper windfall” in the deal. Boies, Schiller & Flexner is representing Barclays in that dispute; Jones Day is representing Lehman.
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