Lehman lawyers in attempt to claw back $10m from BarCap

LAWYERS representing Lehman Brothers have filed a $10bn (&pound;5.9bn) court case against Barclays Capital over assets transferred during Lehman&rsquo;s bankruptcy.<br /><br />Alvarez and Marsal, the consultancy hired after Lehman filed for insolvency, wants to claw back &lsquo;windfall&rsquo; profits it claims BarCap received after buying the New York&nbsp; group.<br /><br />Lawyers say the contract agreed in September 2008 contained a loophole that allowed BarCap to book an immediate $8.2m profit from excess assets it took control of in its $1.75bn purchase of Lehman&rsquo;s business.<br /><br />The news comes after initial court documents were filed in September.<br /><br />Documents submitted on Monday said: &ldquo;The windfall to Barclays was not disclosed to the court, the Lehman boards or Lehman&rsquo;s lawyers so as to allow the transfer to Barclays of billions of dollars in excess assets.&rdquo;<br /><br />Representatives asked the court to order Barclays to &ldquo;disgorge to Lehman any ill-gotten gains it obtained&rdquo; and pay damages.<br /><br />Sources close to Barclays argued the transaction was legally sound and there were no competing bidders offering alternatives.<br /><br />A BarCap spokesman added: &ldquo;This is an opportunistic claim and an attempt by the estate to re-trade the deal now the economy has stabilised.&rdquo;<br />