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Update on Lehman Principal Protection Note Investigation

On September 15, 2008 Lehman Brothers Holdings filed for bankruptcy protection, leavinf investors who previously purchased the company’s 100% Principal Protection Notes (PPNs) unprotected and at a loss. Funnily enough it was Lehman’s own marketing brochures that touted the notes as providing “100 percent principal protection.” Little did they realize that the value of the […]

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Pennies on the Dollar for Lehman Principal Protection Notes

In what could become just the tip of a legal iceberg for UBS, Lehman Brothers and others over sales of Lehman Principal Protection Notes, a class-action lawsuit has been filed in the United States District Court for the Southern District of New York. Among the claims that the plaintiff, Stephen P. Gott, alleges: UBS, Lehman […]

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Citigroup and JPMorgan Sued by Louisiana Pension Funds

Two Louisiana pension funds filed lawsuitas against Citigroup and JPMorgan Chase in the wake of the subprime fallout and 2008 credit crunch. The Louisiana Sheriffs’ Pension and Relief Fund and the Louisiana Municipal Employees’ Retirement System allegesd that Citigroup and JPMorgan misled investors in more than $29 billion of Citigroup’s securities offerings dating back to […]

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Sale of Lehman Bros. Principal Protected Notes Trouble for UBS

It seems as though another legal battle with investors in the works for Swiss-based investment bank UBS AG – this time over sales of Lehman Brothers Principal Protected Notes, which are now deemed essentially worthless. Structured notes are financial instruments that combine derivatives – including a single security, a pool of securities, options, indices, commodities, […]

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$2.8 Billion Third-Quarter Loss for Citigroup

The nation’s second-largest bank by assets, Citigroup announced its 2008 third-quarter net loss of nearly $3 billion. The New York-based bank continues to struggle from exposure to derivatives and bad bets on mortgage-related securities. It is Citigroup’s fourth consecutive quarterly loss. The banking giant’s latest earnings results pale in comparison to its financial standing for […]

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