Barclays is entitled to about $6bn of disputed assets as part of its hurried purchase of much of Lehman Brothers's brokerage unit at the height of the 2008 financial crisis, a federal appeals court ruled.
The Daily Telegraph reports that the decision by the 2nd US Circuit Court of Appeals in New York is a setback for the brokerage's creditors, including Lehman affiliates and hedge funds, for whom the trustee James Giddens has been seeking to recoup money.
Lehman had been Wall Street's fourth-largest investment bank. It had $639bn of assets when it filed for Chapter 11 protection on September 15, 2008, making it the largest bankruptcy in US history.
Barclays won court approval to buy much of Lehman's brokerage business at a September 19, 2008, hearing overseen by US Bankruptcy Judge James Peck in Manhattan.
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