Wednesday, June 22, 2011

Barclays Asks Judge to Throw Out Lehman $500 Million Bonus Claim

Barclays Plc, after defeating an $11 billion lawsuit by Lehman Brothers Holdings Inc., seeks to dismiss the defunct firm’s remaining claim for $500 million in allegedly unpaid bonuses, according to Businessweek.

Lehman asked U.S. Bankruptcy Judge James Peck in May to order the U.K. bank to pay the rest of the $2 billion in bonuses it agreed to when it bought Lehman’s North American business in 2008. Barclays, which contended the $2 billion was an estimate of both bonuses and severance payments, said it paid everything assented to in the purchase agreement, according to a court filing yesterday.

The bonuses were due to Lehman employees whom Barclays took on with the purchase, the former investment bank said. The annual bonuses for the 2008 fiscal year should have paid in full by March 15, 2009, Lehman said in a May filing. Instead, the employees received $1.5 billion, it said…..

You can find out more at:
http://www.businessweek.com/news/2011-06-23/barclays-asks-judge-to-throw-out-lehman-500-million-bonus-claim.html

No comments:

Post a Comment