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Lehman Brothers
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Lehman Brothers

American corporation
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The bankruptcy of Lehman Brothers on September 15, 2008, marked the largest bankruptcy in U.S. history at that time and was a pivotal event in the financial crisis of 2007–08. Founded in 1850, Lehman Brothers evolved into a major investment bank. By 2008, it had become heavily involved in the subprime lending business. The company's decision to retain the riskiest mortgages when securitizing loan packages proved catastrophic. Following significant losses and a failed takeover negotiation, Lehman Brothers filed for bankruptcy. Its collapse had profound negative effects on global markets and led to regulatory reforms like the Dodd-Frank Act.

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