By Stephanie Gleason
The bankruptcy trustee winding down Lehman Brothers' brokerage
business on Monday said he would ask the U.S. Supreme Court to
review a ruling that awarded billions of dollars in disputed assets
to Barclays PLC.
Following Lehman's 2008 bankruptcy filing, Barclays acquired
Lehman's brokerage business in a "no cash" transaction, Lehman
says. Later, however, an appeals court ruled that Barclays was
entitled to $4 billion in disputed assets tied to the
transaction.
Lehman trustee James W. Giddens on Monday said that "while the
Bankruptcy Court rightly rejected Barclays' claims to the margin
cash assets, the decisions by the District and Appeals Courts
reduced the amount available for the general estate by $4 billion,
frustrated the purpose of the liquidation, and undermined the
credibility of a sale hearing."
Write to Stephanie Gleason at stephanie.gleason@wsj.com
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