A software developer is suing his former employer Lehman Brothers in a $5 million lawsuit, over the mass lay offs of IT staff without the required notice.
A reformatting error in an Excel spreadsheet has cropped up in the largest bankruptcy case in U.S. history, prompting a legal motion by Barclays Capital Inc. to amend its deal to buy some of the assets of Lehman Brothers Holdings Inc.
Until now, the IT industry, analysts, observers, and myself have said that the near-recession in which we currently find ourselves won't have a dramatic impact on the IT business and the channel.
Lehman Brothers was increasing its investment in IT even as it headed into bankruptcy. In the last quarter, ending 31 August 2008, it spent $309 million on technology and communications, up from $282 million in the same period last year.
Lehman Brothers, which went spectacularly bankrupt yesterday, was a technology powerhouse that pioneered grid computing and was able to sell the technology it developed in house to traditional software vendors.