Lehman seeks OK to probe Barclays payment | business | Hindustan Times
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Lehman seeks OK to probe Barclays payment

business Updated: May 19, 2009 09:09 IST

Bankrupt Lehman Brothers Holdings Inc is seeking court permission to look into whether it was adequately compensated by Barclays Plc for its brokerage unit, according to court documents filed on Monday.

Lehman sold its North American broker-dealer business, its New York headquarters and other property to U.K.-based Barclays for $1.75 billion last September, a few days after it filed for bankruptcy protection.

Lehman "has become aware of apparent material discrepancies relating to the liabilities Barclays was to assume," it said in documents filed on Monday in the U.S. Bankruptcy Court in Manhattan.

Those discrepancies, which "may have resulted in a windfall to Barclays at the expense of the estate" in an amount that could reach into the "billions of dollars" include Barclay's obligation to pay employee bonuses and the transfer of certain assets during the week the sale to Barclays was negotiated, according to the filing.

A spokesman for Barclays declined to comment.