A 'Commercial Reality' Check In Lehman-Barclays Dispute

Law360, New York (August 13, 2014, 10:32 AM EDT) -- In a closely watched dispute impacting creditors of the Lehman Brothers Inc. (LBI) bankruptcy estate, on Aug. 5, 2014, the U.S. Court of Appeals for the Second Circuit ruled that while "ambiguities" existed in the expedited sale of Lehman's brokerage business to Barclays Capital Inc. during the financial crisis in September 2008, transaction documents supported Barclays' position that it had title to certain disputed assets. While the ruling should not impact prior distributions received by creditors, it may affect future payouts to creditors and already appears to have negatively impacted trading of LBI debt.

At issue was title to the $4...

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