Bankruptcy Court

Lehman Brothers Holdings Inc is suing American International Group for $9 million in payments the bank says it is owed from credit default swap protection it bought from the insurer on companies including General Motors and Washington Mutual. Lehman alleges in a suit filed with a New York bankruptcy court last week that AIG is using the bank's failure as an excuse not to make payments, and that this violates U.S.

This action was announced today and was done before the United States Bankruptcy Court in Wilmington did the same.

According to Michael Wagner, CEO of The Parent Company, this action was a necessary step to preserve the company's value for the stakeholders in light of the ongoing challenging retail environment. And the reputation is very important for the company which is known as a leading commerce, content and new media company for growing families.