The U.S. Securities and Exchange Commission has asked for permission to intervene in Lehman Brothers Inc.’s appeal of a $5.5bn award to Barclays that stemmed from the purchase of the Lehman parent’s North American businesses in 2008.
Bloomberg reports that the SEC has the legal right to participate in all cases involving a brokerage that’s being liquidated under the Securities Investor Protection Act, the regulator said in a letter to the U.S. Court of Appeals in New York.
Bloomberg also reports that Lehman, whose $22bn purchase of Archstone at the height of the property boom helped sink the firm, is now trying to sell the apartment owner at another peak in potentially the largest initial public offering of a real estate investment trust.
Archstone announced the plan last month after shares of U.S. apartment REITs reached a record following an almost 300% rally since March 2009.
Lehman is seeking to extricate itself from property investments ranging from Detroit office towers to condos in Hawaii to help raise $53bn to repay creditors.