Bank Leumi Settles With Lehman; Will Recoup Some Losses
August 24 2011 - 7:23AM
Dow Jones News
Bank Leumi Le Israel (LUMI.TV) said Wednesday it has reached a
court settlement with failed financial firm Lehman Brothers
Holdings Inc. (LEHMQ) and will recover a large part of its losses
resulting from the collapse of the U.S. financial giant in
2008.
Leumi said it will receive 210 million shekels ($58.3 million)
from the sale of securities that Lehman had been holding. This will
result in a net gain of ILS90 million for Leumi, which it will
report as part of its third quarter financial results.
Leumi had originally sued Lehman brothers for $100 million and
had reported a loss of $80 million in 2008 due to the loss of
securities in the collapse of Lehman Brothers.
At 1040 GMT, shares of Leumi were down ILS0.16, or 1.19%, at
ILS13.27, in a higher Tel Aviv market.
-By Sara Toth Stub, Contributing to Dow Jones Newswires,
saratoth@gmail.com
Lehman (NYSE:LEH)
Historical Stock Chart
From Sep 2024 to Oct 2024
Lehman (NYSE:LEH)
Historical Stock Chart
From Oct 2023 to Oct 2024