Barclays Settles Lehman Brothers Inc. Acquisition Litigation
Barclays has reached a settlement with the SIPA Trustee (the "Trustee") for Lehman Brothers Inc. ("LBI") to resolve outstanding litigation between the parties relating to the acquisition by Barclays of most of the assets of LBI in September 2008.
All of the outstanding issues between Barclays and the Trustee will be settled and Barclays will receive all but US$80 million of the US$1.1 billion of assets which were still disputed by the Trustee. Following implementation of the settlement, Barclays will have received all of the assets it claimed in the litigation with the exception of this US$80 million and approximately US$255 million of margin for exchange-traded derivatives (exclusive of interest) still owing but expected from third parties.
To become effective, the settlement requires the approval of the Bankruptcy Court, which, if forthcoming, would typically take several weeks. As a result of this settlement, Barclays expects to recognise a pre-tax gain of approximately US$750 million in its 2015 Interim Results, to be announced on 29 July.
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For further information please contact:
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Investor Relations
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Media Relations
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Kathryn McLeland
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Will Bowen
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+44 (0)20 7116 4943
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+44 (0)20 3134 7444
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About Barclays
Barclays is an international financial services provider engaged in personal, corporate and investment banking, credit cards and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays' purpose is to help people achieve their ambitions - in the right way.
With 325 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com
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