The investment bank Lehman Brothers, which went bankrupt in September 2008, filed a lawsuit against Intel, where it contested a deal for one billion U.S. dollars. Reuters states that the deal was concluded close to bankruptcy of Lehman Brothers.
In 2008 Intel agreed with Lehman Brothers about an exchange: the technological company was to invest one billion dollars in one of the bank's branches; in its turn, the bank was to provide 50.5 million of Intel shares. The deal was secured for one billion dollars by Lehman Brothers. In the documents it was stated that Intel has the right to demand a compensation in case of the deal collapse.
As a result, the company refused from the exchange two weeks after Lehman Brothers went bankrupt, having taken back the security deposit of one billion dollars. The bank representatives consider that in this way Intel violated the conditions of the agreement. Moreover, the financial institution emphasized that by the end of September 2009 50.5 million shares of Intel cost about $873 million, and not one billion U.S. dollars. The exact sum Lehman Brothers wants Intel to return is not specified. It is still unknown whether the technological company reacted to the lawsuit.
Lehman Brothers bankruptcy is the largest in the history of U.S.A. Since the moment of the invest bank insolvency announcement (with the assets for $639 billion) the acute period of 2008 financial crisis has started.
However, the news from Lehman Brothers found reaction of the stock and commodity markets, where the most significant crush of the last ten years went off.
In 2011 the plan of Lehman Brothers liquidation according to which the creditors will get $65 million was approved.