Barclays' Buy $5B Too Sweet: Lehman

Law360, New York (September 15, 2009, 7:23 PM EDT) -- Barclays PLC secured an extra $5 billion in windfall profits through secret negotiations with sympathetic Lehman Brothers Holdings Inc. executives when it bought the bankrupt investment firm's North American brokerage business in September 2008, Lehman claims, asking the bankruptcy court to amend the sale order.

The actual sale that transpired differed materially from the one the court approved because representatives from both firms failed to disclose key components of the transaction, which had been altered significantly behind closed doors in the days leading up to closing,...
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