It is a big week in the Lehman Brothers bankruptcy, with the headliner being the trial beginning today over whether Barclays wrongly received an $11 billion “windfall” when it purchased Lehman’s North American operations in a hastily arranged deal struck days after Lehman’s September 2008 bankruptcy filing. The case is a clash between Lehman’s litigation counsel at Jones Day and Jonathan Schiller and David Boies, name partners at Boies, Schiller & Flexner who will be leading the charge for Barclays.
But there is other major news in Lehman-related litigation we need to document as well. First: Lehman’s estate filed suit Friday against the Japanese bank Nomura Holdings, arguing that Nomura is misrepresenting the value of derivatives contracts it holds with Lehman, according The Am Law Litigation Daily, one of our sibling publications. Jones Day is also representing Lehman in that suit, the Lit Daily reports. Nomura filed derivatives claims with the Lehman estate worth about $1 billion, but Lehman argues that Nomura calculations are “unreasonable” and “divorced from reality,” the Lit Daily says. Lehman suggests Nomura may actually owe Lehman money on the contracts.
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