MF Global says it is not exposed to Lehman

By Associated Press
September 15, 2008 | Comments (0)

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Exchange-traded futures and options broker MF Global Ltd. said Monday it has no "material exposure" to collapsed investment bank Lehman Brothers Holdings Inc.

"In the normal course of business, MF Global evaluates and manages its exposure to all customers, including major financial institutions," the bank said in a statement. "As a result of these ongoing assessments, MF Global believes it has no material exposure to Lehman Brothers."

Lehman filed for Chapter 11 bankruptcy protection over the weekend, and financial institutions sought Monday to cut their ties to the sinking bank.

Shares of MF Global lost 62 cents, or 10 percent, to $5.71 in morning trading as the broader markets plunged in the wake of Lehman Brothers' bankruptcy filing.

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