FINRA dismisses Lehman’s attempt to recover $500,000

The Financial Industry Regulatory Authority (FINRA) has denied Lehman Brothers Inc.’s attempt to recover almost $500,000 from a former employee it had once offered as a loan.

Read: Lessons learned from Lehman Brothers: Scotiabank

This case, reported on Forbes.com, is one of many in which the firm sought to recover funds it extended via promissory notes before it went bankrupt.

Read: JPMorgan settles $20 million Lehman case

In its heyday, the fallen Wall Street giant had loaned 113 of its employees about $700,000 each, or about $80 million in total. Lehman Brothers is now trying to recoup this amount, but so far has had little success.

Read: Lehman: The investment that keeps on taking

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The staff of Advisor.ca have been covering news for financial advisors since 1998.