Lehman reported the repurchase transactions as a sale transaction. Why? Explain the modus operandi of Lehman on the repo transactions using the associate entities and the probable ow of money. Forum shopping occurs when there is a combination of an inducement to go to a foreign forum (i.e., foreign jurisdiction) and an opportunity for the plaintiff to bring proceedings there. It is also known as regulatory arbitrage, and smart bankers are always going to do it. In the above case, can we say that Lehman indulged in forum shopping? If yes, whose help would it have possibly taken to do the same? How can regulators in different jurisdictions close such gaps? (Refer to page 6 of the case.) What lessons does the case hold for the other key stakeholders (lenders, retail investors and employees)? Make a list of lessons for the regulators and related institutional intermediaries to ensure that such corporate failures are avoided