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Rating:BlackRock's Parent Attacks Neuberger Over $75K Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 26, 2009

BlackRock's Parent Attacks Neuberger Over $75K

Reported by Neil Anderson, Managing Editor

PNC Bank just sued Neuberger Berman for breach of contract. On Wednesday the BlackRock parent filed a five-page complaint in federal court in Pittsburgh against the former Lehman Brothers subsidiary, alleging that Neuberger reneged on a deal to trade $40.2732 million to PNC for 26.4 million euros on February 11. PNC claims it lost more than $75,000 grand because the deal fell through.

A spokesman for Neuberger hinted to the Pittsburgh Post-Gazette that something about the trade is still up in the air.

"The trade in question through Lehman Brothers occurred prior to the bankruptcy," stated the Neuberger spokesman. "We stand ready to settle the trade once all parties involved are in agreement.

Buchanan Ingersoll & Rooney's Stanley Yorsz and Kathleen Jones Goldman represent PNC in the case. 

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