Barclays and Lehman brothers dispute petitioned to Supreme Court

Barclays Canary Wharf

The trustee handling the liquidation of the brokerage unit of Lehman Brothers filed a petition with the U.S. Supreme Court on Monday seeking review of the business's cash assets awarded to Barclays.

Reuters reports that Lehman, once Wall Street's fourth-largest investment bank, had $639bn of assets when it filed for Chapter 11 protection in September 2008. The British bank won court approval to buy much of Lehman's brokerage business.

Trustee James Giddens, who has been seeking to recoup money for the brokerage's creditors, said lower court rulings granting margin assets to Barclays breached bankruptcy rules.

To access the complete Reuters article hit the link below:

Lehman trustee petitions Supreme Court over Barclays dispute

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