Earlier this week, Barclays Capital Inc., the investment banking unit and capital markets unit of Barclays plc, and Lehman Brothers Inc., the brokerage unit of Lehman Brothers Holdings Inc., entered into a settlement under which Barclays Capital will receive approximately $689 million in cash and securities for securities belonging to customers of Lehman Brothers that were never transferred when Barclays plc closed the sale for Lehman Brothers on September 22, 2008. Under the settlement agreement, Barclays Capital will receive a book of securities that were worth approximately $468 million last September and a cash payment of not more than approximately $221.1 million. The settlement, formally entered into among James Giddens, the Securities Investor Protection Corporation trustee for the liquidation of the business of Lehman Brothers, Barclays Capital Inc., and the Depository Trust and Clearing Corporation was approved by a court order of U.S. Bankruptcy Court of the Southern District of New York Judge James Peck on February 11.
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Barclays Capital and Lehman Brothers settle dispute for $689 million
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