Lehman Brothers Holdings Inc. has sued Credit Suisse Group AG, seeking to reduce "inflated" bankruptcy claims by roughly $1.1 billion, and also recover about $150 million from the Swiss bank, Reuters reported yesterday. Lehman accused Credit Suisse of exaggerating claims related to the early end of tens of thousands of derivatives transactions. Lehman calculated that the $1.19 billion in Credit Suisse claims at issue may be worth just $74.6 million. Lehman also estimated that Credit Suisse owes it roughly $150 million on some international transactions.
