Former Lehman Brothers CEO subpoenaed

Dick Fuld has received grand jury subpeonas in probe of the largest bankruptcy in U.S. history.

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NEW YORK (CNN) -- Former Lehman Brothers CEO Richard Fuld has been subpoenaed in connection with three grand jury probes into the investment bank's bankruptcy, a source with direct knowledge of the bankruptcy filing told CNN Friday.

Lehman Brothers announced its filing on September 15, the largest such filing in U.S. history.

The shocking move followed a nearly $4 billion quarterly loss and the failure of buyout negotiations with Bank of America (BAC, Fortune 500) and British bank Barclays Capital (BCS). At the same time, U.S. regulators made it clear that they would not provide a government-backed bailout for the company.

Barclays Capital eventually purchased Lehman Brothers' North American investment banking and capital markets businesses for about $1.5 billion.

Fuld - who took home more than $45 million in salary and bonuses in 2007, according to executive compensation firm Equilar - testified before a Congressional committee earlier this month, telling lawmakers Lehman's failure centered on inaction on the part of government and a loss of confidence in the financial markets.

The New York Post first reported the subpoena issued to Fuld.

The Associated Press reported that grand juries in New York and New Jersey are investigating 12 people, including Fuld, citing attorney Harvey Miller, who represents Lehman Brothers. Miller and his firm, Weil, Gotshal & Manges, did not return phone calls made to CNN for comment.

CNN's Emily Anderson and Chuck Hadad contributed to this report. To top of page

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