Monday, March 31, 2008

Lehman sues Japanese broker for $350 million

Lehman Brothers filed a lawsuit against major Japanese trading company Marubeni on Monday, demanding US$350 million in damages in an unfolding case of alleged massive fraud.
Lehman Brothers Holdings Inc. is seeking to recoup funding it provided last year to a Japanese health care company. The U.S. bank says employees of Marubeni Corp. helped arrange the deal.
A Lehman Brothers official, who spoke on condition of anonymity citing policy, said the lawsuit demands 35.2 billion yen ($350 million). Other details were not immediately available.
The Tokyo District Court confirmed the lawsuit had been filed.
Marubeni Corp., which has repeatedly denied wrongdoing, said it has not yet seen the lawsuit and could not comment. It reiterated it has no obligation to repay the money.

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