The rump of the defunct Wall Street bank Lehman Brothers has accused Barclays of milking its collapse to the tune of $8.2bn by securing a "secret" windfall on the purchase of its US operations from bankruptcy, the Guardian reports.
On the first anniversary of Lehman Brothers' demise, lawyers for the bank's estate filed an application at a Manhattan bankruptcy court seeking a refund of billions of dollars from Barclays. The legal filing alleges that Barclays' purchase of Lehman's investment banking business was based on an "undisclosed distortion" of the Wall Street firm's securities and that some of those who negotiated the deal had an interest in securing jobs at Barclays. Full story...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
