Barclays Owes Ex-Lehman Director $20M, 2nd Circ. Hears

Law360, New York (February 13, 2013, 6:16 PM EST) -- A former Lehman Brothers Holdings Inc. managing director on Wednesday asked the Second Circuit to resurrect a $19.6 million lawsuit over severance that Barclays Capital Inc. allegedly owes him, arguing Barclays assumed Lehman's employee contract obligations when it bought part of the failing firm.

An employment agreement between onetime director Maximilian Coreth and Lehman became Barclay's obligation under the asset purchase agreement that governs Barclays' 2008 purchase of Lehman, a lawyer for Coreth told a panel of judges at oral arguments.

“There can be nothing clearer...
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