Ex-Barclays Exec Said He Hid Lehman Asset Details

Law360, New York (August 25, 2010, 7:20 PM EDT) -- A former Barclays PLC securities executive told a court Wednesday that he withheld information from traders about assets the company acquired from bankrupt Lehman Brothers Holdings Inc. in a disputed deal in an attempt to maximize Barclays' returns.

Previously the head of the British firm's mortgage trading group, Stephen King testified in the U.S. Bankruptcy Court for the Southern District of New York on his role in valuing more than $50 billion in securities transferred to Barclays as part of the purchase.

Although the deal was...
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