Barclays entitled to $4bn in assets from Lehman Brothers collapse

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Barclays is entitled to $4bn in assets stemming from the Lehman Brothers collapse, as the U.S. Supreme Court rejected an appeal from the bankruptcy trustee for the firm’s brokerage business.

Bloomberg News reports that the justices left intact a federal appeals court ruling that said Barclays acquired the assets as part of a hastily drafted purchase agreement in September 2008. Barclays bought most of Lehman’s North American brokerage assets in that deal.

The trustee, James Giddens, sought to recoup the money, most of which is already in Barclays’ possession.

'We are disappointed but remain focused on continued progress in winding down and closing out the LBI estate', Kent Jarrell, a spokesman for Giddens, said in an e-mailed statement. 

To access the complete Bloomberg News article hit the link below:

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