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Category: Legal
Satisfied Customers: 17248
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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When Sherson Lehman Bothers went bankrupt and was purchased

Customer Question

When Sherson Lehman Bothers went bankrupt and was purchased by Barclay, did the parties who had purchased financial products through their brokerage lose their investments, or were their accounts rolled-over to Barclay,and would still be intact today if no selling had taken place in the meantime.
Submitted: 2 years ago.
Category: Legal
Expert:  WALLSTREETFIGHTER replied 2 years ago.
Hello and welcome.
My name is***** am a Licensed practicing attorney and my goal is to provide you with excellent service today.
Lehman, like all brokerage firms, is a member of the Securities Investor Protection Corp., a consortium that provides insurance to investors on their brokerage account if their broker goes belly up. But SIPC, which covers up to $500,000 in securities and $100,000 in cash, only kicks in when customer assets go missing, also after the merger the clients did not lose their money so your accounts should still be valid and exist.
You should first contact Barclays bank, and see if they have the account, if not you may need to hire an Attorney to find out what happened.
Expert:  WALLSTREETFIGHTER replied 2 years ago.
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