SemGroup Creditors' Trust Sues Barclays Over $143M Fee

Law360, New York (July 10, 2012, 7:55 PM EDT) -- A litigation trustee representing creditors of SemGroup LP sued Barclays Bank PLC on Monday, seeking to get back a $143 million fee the bank collected when it took over the troubled energy company's commodities trading positions during its 2008 slide into bankruptcy.

The lawsuit, filed in New York federal court, says Barclays knew that SemGroup was in desperate straits and took the opportunity to grab inordinate profits. The payout to Barclays worsened SemGroup's liquidity crisis, which led to its decision, just seven days after signing the...
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