Lehman Files for Bankruptcy

Wall Street firm Lehman Brothers Holdings Inc., which recently worked out a plan to shed billions of dollars worth of problematic mortgage-related assets and failed to find buyers for itself or its assets over the weekend, has filed for U.S. bankruptcy. The company said it would continue to try to sell its broker-dealer operations and investment management division. Lehman said all its U.S. subsidiaries, including its broker-dealers, would continue to operate. The company said some units would be protected from claims in the bankruptcy filing. "Neuberger Berman LLC and Lehman Brothers Asset management will continue to conduct business as usual and will not be subject to the bankruptcy case of its parent, and its portfolio management, research, and operating functions remain intact," Lehman said. "In addition, fully paid securities of customers to Neuberger Berman are segregated from the assets of Lehman Brothers and are not subject to the claims of Lehman Brothers Holdings' creditors."