Lehman Brothers Holdings has lost a bid to recover $500 million from Barclays, Reuters reports. The bankrupt bank had alleged that the money was supposed to be used for employee bonuses.
A U.S. judge ruled against Lehman’s claim that Barclays pay back $500 million in bonuses for the employees it obtained when it acquired Lehman’s North American brokerage in 2008. Lehman said Barclays agreed to pay $2 billion to cover bonus payments, but Barclays claims the figure was meant to cover bonuses as well as other compensation-related costs, adds The Wall Street Journal.
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Click here for the release from The Wall Street Journal.