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Posted: Saturday, October 4, 2008
JPMorgan Caused Lehman Cash Crisis, Creditors Say
Oct. 3 (Bloomberg) -- JPMorgan Chase & Co., the main lender and clearing agent for Lehman Brothers Holdings Inc., caused the liquidity crisis that led to Lehman's collapse, creditors said.
JPMorgan
had more than $17 billion of Lehman's cash and securities three days
before the investment bank filed the biggest bankruptcy in history on
Sept. 15, the creditors committee said in a filing late yesterday in
bankruptcy court in Manhattan. Denying Lehman access to the assets on
Sept. 12, the bank ``froze'' Lehman's account, the creditors claimed.
