Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy early Monday morning and said it will slowly wind down its operations after being in business for 158 years.
At $639 billion, Lehman's is the largest bankruptcy filing in U.S. history--easily surpassing the Enron and WorldCom collapses combined.
Lehman filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court of the Southern District of New York. The company's broker-dealer subsidiary and other parts of Lehman was not in the filing.
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