A judge in Manhattan has rejected most of $13 billion in claims by the Lehman Brothers bankruptcy estate in a suit alleging that Barclays engineered a secret “windfall” when it acquired the defunct investment bank’s broker-dealer business in September 2008.
Southern District Bankruptcy Judge James Peck knocked out more than $8 billion of the Lehman claims late Tuesday in In re Lehman Brothers Holdings Inc., et al., 08-13555 (JMP, ruling that Barclays’ failure to disclose last-minute changes to its deal were not significant enough to warrant undoing it. The judge did, however, uphold claims by Lehman’s Chapter 11 trustee that the trustee is valuing at $4.8 billion.
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