Deals
Barclays Adviser on Lehman Deal Got $10 Million Fee
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Michael Klein, Citigroup Inc.’s former investment banking chairman, said he was paid $10 million to advise Barclays Plc on its purchase of Lehman Brothers Holdings Inc.’s brokerage business in the 2008 credit crisis.
Klein disclosed the fee today in U.S. Bankruptcy Court in Manhattan during a trial to determine whether Barclays should pay as much as $11 billion for realizing an allegedly undisclosed “windfall” on the deal. Barclays took over the brokerage a week after Lehman filed the biggest U.S. bankruptcy.