Citibank, Barclays Resolve $141M Suit Over Lehman Losses

Law360, Los Angeles (February 20, 2014, 9:55 PM EST) -- Citibank NA has settled its $141 million contract-breach suit alleging Barclays Bank PLC 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, according to documents filed in New York federal court Thursday.

Citibank, a subsidiary of Citigroup Inc., and Barclays submitted a joint letter to U.S. District Judge Lorna G. Schofield indicating the parties have reached an agreement in principle to resolve the case. Specifics of the agreement were not disclosed. Judge...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.