FCStone says its not exposed to Lehman trouble

Commodity risk management firm FCStone Group Inc. said Monday it has no direct or material exposure to Lehman Brothers Holdings Inc.

The investment bank on Monday filed for bankruptcy protection, felled by the 14-month-old credit crisis linked to now-toxic subprime mortgage debt.

"Despite these macroeconomic circumstances, our business continues to operate under the same risks, assumptions and opportunities today as it has in the past," Chief Executive Pete Anderson said in a statement. "In the course of prudently monitoring both the domestic and international environment in which we operate, we believe we have no material exposure to Lehman Brothers."

Shares fell $1.08, or 5.7 percent, to $17.89 during midday trading, as the general market declined amid the financial sector turmoil. The stock has traded between $13 and $53.25 during the past year.