The long and tortured legal brawl over Barclays plc’s firesale acquisition of Lehman Brothers’ brokerage business has finally arrived at the highest court in the land.
James Giddens of Hughes Hubbard & Reed, the liquidation trustee for Lehman Brothers Inc., turned to the U.S. Supreme Court on Monday in an attempt to undo Barclays’ near-total victory in the five-year-old case. Giddens tapped Bancroft’s Paul Clement to file Monday’s cert petition, which asks the court to consider whether the Lehman sale was improperly altered after it was initially approved, creating a multibillion-dollar “windfall” for Barclays.
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