Barclays accused of securing 'secret' windfall in Lehman deal - papers

clock

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

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

CII publishes vulnerability data guidance for firms

CII publishes vulnerability data guidance for firms

Consumer Duty and GDPR

Cameron Roberts
clock 19 June 2026 • 2 min read
Baillie Gifford rolls out Sharia-compliant fund amid 'strong' demand

Baillie Gifford rolls out Sharia-compliant fund amid 'strong' demand

Follows engagement with Islamic finance scholars

Sophia Panayi
clock 18 June 2026 • 2 min read
Charging deceased clients accidentally 'more common' than advice profession would like

Charging deceased clients accidentally 'more common' than advice profession would like

‘The fee outlives the service because the records do not talk to each other’

Sophia Panayi
clock 18 June 2026 • 4 min read