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Lehman Brothers files for Chapter 11 bankruptcy, the largest bankruptcy filing in U.S. history.
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Lehman Brothers
Defunct American financial services firm
Lehman Brothers Inc. was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, with about 25,000 employees worldwide. It was doing business in investment banking,…Source: Wikipedia (CC BY-SA)
Chapter 11, Title 11, United States Code
Section of the United States Bankruptcy Code
Chapter 11 of the United States Bankruptcy Code permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and…Source: Wikipedia (CC BY-SA)
Bankruptcy of Lehman Brothers
2008 bankruptcy of American investment bank
The bankruptcy of Lehman Brothers, also known as the Crash of '08 and the Lehman Shock, on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime…Source: Wikipedia (CC BY-SA)