SEC Backs Lehman Trustee In $1.3B Barclays Asset Appeal

Law360, New York (December 23, 2011, 5:36 PM EST) -- U.S. securities regulators on Thursday sided with the trustee overseeing the liquidation of Lehman Brothers Inc. in a $3 billion dispute with Barclays PLC, saying a transfer of nearly $1.3 billion in assets from the bankrupt brokerage to Barclays would violate federal securities laws.

In a brief submitted in New York federal court, the U.S. Securities and Exchange Commission said a had bankruptcy judge correctly ruled that Lehman trustee James W. Giddens should keep $769 million in securities held in a reserve account — as well...
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