Lehman, Barclays Square Off In $500M Bonus Pay Beef

Law360, New York (July 21, 2011, 5:30 PM EDT) -- Lehman Brothers Holdings Inc. told a New York bankruptcy judge Wednesday that Barclays Capital Inc. owes $500 million in damages for failing to pay the $2 billion it owed to cover 2008 employee bonus payments under a Chapter 11 purchase agreement.

Lehman's contract claim contends the $500 million figure is the difference between the $2 billion in bonuses for transferred employees that Barclays was required to pay and the amount it actually paid.

The two sides briefed U.S. Bankruptcy Judge James M. Peck on their cross...
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