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Thursday 27th of May 2010

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April 12, 2010

Lehman creditors v Barclays case goes ahead

by Gill Montia

Story link: Lehman creditors v Barclays case goes ahead

Barclays will face a trial over an alleged £11 billion “windfall” resulting from its acquisition of Lehman Brothers’ assets.

After walking away from discussions aimed at saving the bank in September 2008, Barclays bought Lehman Brothers’ investment banking and capital markets businesses, two data centres and its New York headquarters.

The failed investment bank’s creditors have since questioned the deal, claiming that the sale contract delivered an $11 billion gain to Barclays in connection with Lehman Brothers’ US brokerage business.

The benefit to Barclays could have been concealed or resulted from errors arising from a rushed transaction.

Last week, the bankruptcy judge who approved the deal ordered that the case brought by the creditors should go ahead, with opening arguments to begin on 26th April.

 

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