Lehman Files for Bankruptcy

Lehman Brothers Holdings Inc. (“LBHI”) announced today that it intends to file a petition under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. According to the press release, none of the broker-dealer subsidiaries or other subsidiaries of LBHI will be included in the Chapter 11 filing and all of the broker-dealers will continue to operate.

LBHI is exploring the sale of its broker-dealer operations and is in discussions with a number of potential purchasers to sell its Investment Management Division (“IMD”).