Citibank to buy back Lehman notes, but denies liability

Citibank (Hong Kong) has agreed to make an 80% repurchase offer to customers holding market-linked and equity-linked notes issued by Lehman Brothers, although it did not admit any liability. The bank, which distributed the Lehman-guaranteed notes on a private placement basis between March 2007 and June 2008, said it would buy them back at a price equal to 80% of the total value of each eligible customer’s investment. The total value of the repurchase offer is estimated to be abo…