The official creditors committee in the Lehman Brothers bankruptcy fired the latest shot on Tuesday (24 November) in the dispute between Lehman and Barclays over whether Barclays received an improper ‘windfall’ in its purchase of Lehman’s North American assets and liabilities last September.
The dispute has been brewing for months and has resulted in several motions for discovery and at least three lawsuits. In short: Lehman, its creditors and the trustee of its estate allege that certain higher-ups at both Lehman and Barclays arranged – without the knowledge of Lehman’s counsel at Weil Gotshal & Manges – to sell most of Lehman’s North American assets to Barclays in late September 2008 under terms that were far too favourable to the buyer.
