X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Barclays’ lawyers at Boies Schiller & Flexner made a hefty filing Friday in an effort to convince a judge to dismiss a suit arguing Barclays got a $5 billion sweetheart deal when it purchased Lehman Brothers’ North American assets at the height of the financial crisis. The thousands of pages filed provide a fascinating glimpse into the chaos of September 2008, the kind of glimpse you can only get either when dozens of people are unusually candid or when a lawyer accidentally waives attorney-client privilege and, in the process, opens up a lot of secret stuff to public scrutiny.

The dispute is complicated, and there are dozens of prongs to the Lehman-Barclays transaction, but you can boil the Barclays/Boies Schiller argument down to this: There was no secret agreement to give Barclays a $5 billion windfall in the deal, and Lehman — and its financial advisers as well as its lawyers at Weil, Gotshal & Manges — knew exactly what they were doing when they agreed to the deal in late September 2008, according to court records. (Lawyers on all sides of this conflict declined to comment or didn’t return messages seeking comment.)

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.