Updated from Sunday, Sept. 14
Lehman Brothers (LEH Quote) filed for Chapter 11 bankruptcy protection Monday morning, according to several published reports.
The 158-year-old investment bank filed for Chapter 11 protection at 1:45 a.m. EDT in the Bankruptcy Court for the Southern District of New York, according to The Wall Street Journal. In a statement, Lehman said its board decided to file for Chapter 11 to "protect its assets and maximize value." Lehman said it plans to file certain motions so that it can continue to manage its operations.
None of the broker-dealer subsidiaries or other subsidiaries of Lehman will be included in the filing and all of the broker-dealers will continue to operate, the company said. Lehman customers, including those of its Neuberger Berman subsidiary may continue to trade or take other actions on their accounts. ...
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