Barclays Not Entitled To $5B From Lehman: Judge

Law360, New York (February 23, 2011, 2:04 PM EST) -- A New York federal judge ruled Tuesday that Barclays PLC didn't score an unfair windfall when it bought bankrupt Lehman Brothers Holdings Inc.'s broker-dealer business but said the British bank is nonetheless not entitled to $5 billion in assets.

Judge James M. Peck issued an opinion in the U.S. Bankruptcy Court for the Southern District of New York finding that Barclays had not engaged in fraud or other misdeeds in negotiating the emergency transaction amid the investment bank's September 2008 collapse, as the Lehman estate had...
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