What is the largest corporate bankruptcy filing in U.S. history?
The largest bankruptcy in U.S. history occurred on September 15, 2008, when Lehman Brothers Holdings Inc. filed for Chapter 11 protection with more than $639 billion in assets before the filing. Lehman Brothers collapsed in 2008 as a consequence of the financial crisis facing the country, and because of its own negligence and malfeasance. Lehman Brothers was constantly using some accounting tricks in order to cover the instability of its financial situation.
Lehman's bankruptcy filing is thought to have played a major role in the global financial crisis that followed. Nomura Holdings acquired the Lehman Brothers' franchise in the Asia-Pacific region, including Japan, Hong Kong and Australia, as well as Lehman Brothers' investment banking and equities businesses in Europe and the Middle East.