Bloomberg News

Lehman’s Cash Includes $2 Billion Pledged to Citigroup

December 30, 2011

Dec. 28 (Bloomberg) -- Lehman Brothers Holdings Inc., which reported cash and investments of about $23 billion on Sept. 30 held by the bankrupt firm and its affiliates, said about $2 billion of the total had been pledged to Citigroup Inc.

Lehman hasn’t recorded any reserves for the pledged deposit as it is “in discussions” with Citigroup, it said. Adjustments, involving netting the cash against Citigroup’s claims on Lehman, “may be material,” depending on the outcome of the talks, it said in documents filed in bankruptcy court yesterday. HSBC Bank Plc in October released more than half of the $218 million in cash Lehman pledged to the bank in 2008, it said.

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: Stephen Farr at sfarr@bloomberg.net


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