Jones Day leads as Lehman files suit against Barclays over $5bn 'windfall'
Jones Day has won a lead role on the latest lawsuit to arise from the bankruptcy of Lehman Brothers. Lehman Brothers Holdings has filed suit against Barclays, claiming the bank received an undeserved windfall of at least $5bn (£3bn) when it purchased much of Lehman's North American operations after Lehman's collapse last September.
November 18, 2009 at 06:20 AM
2 minute read
Jones Day has won a lead role on the latest lawsuit to arise from the bankruptcy of Lehman Brothers, reports The Am Law Daily.
Lehman Brothers Holdings has filed suit against Barclays, claiming the bank received an undeserved windfall of at least $5bn (£3bn) when it purchased much of Lehman's North American operations after Lehman's collapse last September.
In September, Lehman and Jones Day asked a bankruptcy judge to modify the terms of the Barclays sale and alleged that a small number of executives on both sides conspired to give Barclays the so-called windfall.
In the September filing, the Jones Day team suggested that the Lehman executives who signed off on the Barclays deal did not tell Lehman's restructuring and bankruptcy lawyers at Weil Gotshal & Manges about the windfall.
Barclays' counsel at New York's Boies Schiller & Flexner issued subpoenas on Weil Gotshal lawyers last month, demanding that they turn over documents related to the Lehman motion to modify the terms of the sale.
Court records show that Weil is complying with those subpoenas, and a protective order prohibits Weil from labelling any document "that relates to the subject matters" as "confidential." One source familiar with the matter told The Am Law Daily that Weil has turned over documents previously covered by attorney-client privilege.
The trustee liquidating the Lehman estate, James Giddens of Hughes Hubbard & Reed, and the Lehman creditors committee filed similar suits against Barclays on Monday (16 November), court records show.
Boies will be defending Barclays in all three cases.
The Am Law Daily is the website of The American Lawyer, Legal Week's US sister title.
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