Barclays can keep $6bn Lehman assets, court rules

In February 2011, Mr Peck said Barclays was entitled to the clearance box assets but not the margin assets. But in July 2012, US District Judge Katherine Forrest in Manhattan partially reversed him, and said Barclays deserved both.

Upholding Ms Forrest's ruling, Circuit Judge Ralph Winter noted for a three-judge appeals court panel that "ambiguities and loose ends were inevitable" given the "urgency under which this deal was executed".

But he said the sale agreement and a later "clarification letter" showed Barclays should prevail, despite the emphasis in documents and court hearings that "no cash" should be involved.

Otherwise, Mr Winter said a buyer such as Barclays might have deemed the purchase commercially unacceptable.

"It would be highly unusual for a buyer to purchase Lehman's ETD business in its entirety but not the collateral that allowed that business to exist, particularly in a time of economic crisis when the value of the underlying assets, eg, options and futures, would be extremely volatile," Mr Winter wrote.

In a statement, Mr Giddens said he is studying the decision and has set aside appropriate reserves.

He also said the decision does not affect the $105bn already distributed to 111,000 former brokerage customers, or the first planned distribution to general unsecured creditors.

The case was argued in May 2013. At the time, Barclays and Mr Giddens each controlled about half of the disputed assets.

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