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Monday, December 15, 2014

Lehman trustee petitions Supreme Court over Barclays dispute, (NYSE: BCS)

The trustee handling the liquidation of the brokerage unit of Lehman Brothers Holdings Inc filed a petition with the U.S. Supreme Court on Monday seeking review of the business's cash assets awarded to Barclays Plc. Lehman, once Wall Street's fourth-largest investment bank, had $639 billion of assets when it filed for Chapter 11 protection in September 2008. The British bank won court approval to purchase much of Lehman's brokerage business.Trustee James Giddens, who has been seeking to recoup money for the brokerage's creditors, said lower court rulings granting margin assets to Barclays breached bankruptcy rules.Barclays declined to comment. The bank's shares closed down 3 percent on the London Stock Exchange on Monday.A federal appeals court ruled in August that Barclays was entitled to about $6 billion of disputed assets.

Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. Shares of BCS fell by 2.77% or $-0.4/share to $14.06. In the past year, the shares have traded as low as $13.27 and as high as $19.59. On average, 3070630 shares of BCS exchange hands on a given day and today's volume is recorded at 1593434.