Citibank Wants $141M From Barclays For Lehman Losses

Law360, New York (May 7, 2013, 7:48 PM EDT) -- Citibank NA on Monday hit Barclays Bank PLC with a $141 million breach of contract suit in New York alleging the bank owes indemnity payments tied to losses on foreign-exchange settlement services provided to bankrupt Lehman Brothers Inc. at the height of the 2008 financial crisis.

Citibank, a subsidiary of Citigroup Inc., claims in federal court that Barclays promised to cover some of its losses on extending credit to Lehman in September 2008 during the first week of Lehman's blockbuster bankruptcy.

“In clear breach of the...
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