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Citigroup Sues Barclays for $141 Million Over Lehman Loss

Citigroup Inc. sued Barclays Plc for more than $141 million, claiming the London-based bank refused to indemnify it for losses suffered providing foreign-exchange settlement services to Lehman Brothers Holdings Inc.

Citigroup’s Citibank NA unit said in a complaint filed yesterday in Manhattan federal court that it lost the money extending credit, at Barclays’ request, to Lehman in the week following Lehman’s Sept. 15, 2008, bankruptcy filing. Citigroup said it settled foreign-exchange trades for Lehman while Barclays worked to buy Lehman’s U.S. broker-dealer business.

Barclays agreed to indemnify New York-based Citigroup for its settlement-related losses from Sept. 17 to Sept. 19, according to the complaint.

“In clear breach of the parties’ agreement, Barclays has refused Citibank’s repeated demands that it honor its indemnity,” according to the complaint.

A phone message seeking comment from Barclays on the lawsuit wasn’t immediately returned.

The case is Citibank NA v. Barclays Bank Plc, 13-cv-03036, U.S. District Court, Southern District of New York (Manhattan).

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