Citibank, Barclays Resolve $141M Suit Over Lehman Losses

Law360, Los Angeles (February 20, 2014, 9:55 PM EST) -- Citibank NA has settled its $141 million contract-breach suit alleging Barclays Bank PLC owes indemnity payments tied to losses on foreign-exchange settlement services provided to bankrupt Lehman Brothers Inc. at the height of the 2008 financial crisis, according to documents filed in New York federal court Thursday.

Citibank, a subsidiary of Citigroup Inc., and Barclays submitted a joint letter to U.S. District Judge Lorna G. Schofield indicating the parties have reached an agreement in principle to resolve the case. Specifics of the agreement were not disclosed. Judge...
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