Barclays Transfers From Lehman May Break Law, SEC Says
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Barclays Plc got two transfers totaling about $1.3 billion from Lehman Brothers Holdings Inc. in September 2008 that would violate securities laws, the U.S. Securities and Exchange Commission said.
The U.K. bank claimed $769 million in securities held in the Lehman brokerage’s reserve bank account, and $507 million in assets listed as a debit item in the brokerage’s customer reserve, when it bought defunct Lehman’s brokerage, Lehman Brothers Inc., the SEC said in a filing yesterday in U.S. Bankruptcy Court in Manhattan.