Bloomberg News reports that the accord over the 2008 sale of Lehman’s brokerage assets to Barclays will give the lender all except $80m of the $1.1bn of disputed assets, the bank said in a statement Friday.
The settlement needs approval from a federal bankruptcy judge in Manhattan, which could take several weeks, Barclays said in the statement. A hearing was set for June 29.
The deal is a win for Barclays CEO Antony Jenkins, who has been seeking ways to shore up earnings, cutting thousands of jobs and shrinking securities operations.
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