A Lehman Brothers’ lawsuit against Barclays Plc reconvened in U.S. Bankruptcy Court in New York this week, with the former head of Lehman’s restructuring group asserting that Barclays took unfair advantage of Lehman’s haywire financial position during its takeover in September 2008.
The September 16, 2008, asset purchase agreement estimating the value of Lehman’s holdings was wildly off base because of market turmoil, Mark Shapiro, the former head of Lehman’s restructuring group who is now head of the Barclays restructuring group, told the court, according to a report by Dow Jones Daily Bankruptcy Review.