Lehman Trustee Pushes 2nd Circ. To Reverse Barclays Win

Law360, New York (May 29, 2013, 6:59 PM EDT) -- The trustee in charge of liquidating Lehman Brothers Inc. urged the Second Circuit on Wednesday to undo a court decision that awarded $4 billion of its collateral to Barclays PLC, a long-contested aspect of Barclays' financial crisis-era purchase of the brokerage.

Barclays’ deal to buy most of Lehman’s assets, approved by a bankruptcy court judge in September 2008, did not give Barclays a legitimate claim to Lehman’s collateral, a lawyer for trustee James W. Giddens told a panel of judges at oral arguments in Manhattan....
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