2nd Circ. Junks Ex-Lehman Director's $20M Severance Suit

Law360, New York (March 6, 2013, 1:23 PM EST) -- Barclays Capital Inc. does not owe $19.6 million in alleged severance pay to a former Lehman Brothers Holdings Inc. managing director who joined Barclays when it bought part of the failing firm in 2008, the Second Circuit ruled Wednesday, affirming a bankruptcy court ruling.

A three-judge panel refused to revive the suit by Maximilian Coreth, who joined Lehman in April 2008 and was fired shortly after Barclays bought a major Lehman unit in September 2008. Coreth claimed his employment agreement with Lehman became Barclay's obligation under...
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