Lehman Brothers to file for bankruptcy

US investment bank Lehman Brothers announced early today that it intended to file for bankruptcy "in order to protect its assets and maximize value."

US investment bank Lehman Brothers announced early on Monday that it intended to file for bankruptcy "in order to protect its assets and maximize value."

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The financial firm said in a statement that the filing was authorized by its board of directors and will occur at the United States Bankruptcy Court for the Southern District of New York on Monday.

"Customers of Lehman Brothers, including customers of its wholly-owned subsidiary, Neuberger Berman Holdings LLC, may continue to trade or take other actions with respect to their accounts," the statement said.