The Times reports that options trader Ghaleb El-Hajjali's decision to change his mind and stay put at Link Asset Securities, instead of taking up his new position at Tullett Prebon, looks like costing him $1.4m.

According to the newspaper, the trader decided to remain at Link Asset after having returned a signed contract to Tullett. A UK High Court judge found for the money broker, and El-Hajjali was ordered to pay compensation to the inter-dealer broker of some $641,000. He will also have to pay the firm's costs of around $554,000, and pick up the tab for his own legal fees estimated at $237,000.

The New York Post reports that Lehman Brothers CEO Dick Fuld is attempting to flog some $30bn in commercial mortgage assets and other hard-to-value securities in order to clean up his firm's balance sheet.

Bloomberg reports that Massachusetts Secretary of State William Gavin has accused Merrill Lynch  of misleading investors about the market stability of auction-rate securities and downplaying the risks. He accuses the firm of using some of its analysts to talk up the durability of the products just days before the market collapsed.

Finally, The Times reports that UBS is due in the High Court Friday, seeking a temporary injunction against Vestra Wealth, a new firm which has recently hired over 50 UBS wealth professionals. The Swiss bank is making the move in order to underline that its former staff do have contractual restrictions that prevent them from poaching clients within defined time periods.

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