Citi Agrees to Pay $360 Million to End Lehman Trustee Suit

November 20, 2012

Lehman's litigation trustee said Friday that Citigroup has agreed to a $435 million deal to resolve claims that Citi unlawfully seized Lehman deposits as Lehman was imploding in September 2008. The proposed settlement requires Citi to pay $360 million to the Lehman estate and to forfeit its claim to a $75 million contingency payment made at the start of the liquidation process.