The bankruptcy trustee for Lehman Brothers Holdings Inc's brokerage arm is appealing a February decision awarding Barclays PLC about $1.1 billion associated with Barclays' purchase of Lehman's North American unit at the height of the financial crisis.
Trustee James Giddens said in a court filing on Friday he would appeal to Manhattan federal court the ruling reached by Judge James Peck, the US Bankruptcy Court judge presiding over Lehman's Chapter 11 case.
The move comes a week after Barclays appealed other aspects of the same case, much of which went in the trustee's favour.
The trustee's appeal centres on $1.1 billion awarded in the same case to Barclays. The money consists of 'clearance box' assets, held to facilitate the clearance of securities trading.
Giddens said he would have been content to let the matter rest, but filed an appeal because Barclays had already done so.
'The trustee had hoped to avoid protracted litigation,' Giddens said in a statement, but 'since the appeal process is already underway, and with the trustee's ... duty to maximize assets available for distribution to public customers and others, the trustee is also appealing the denial of his claim to the clearance box assets.'
Source : New Age
