Lehman Brothers' defunct brokerage told an appeals court yesterday that it was entitled to billions of dollars in cash it says was wrongly included in its 2008 sale to Barclays Plc, Reuters reported yesterday. The arguments in federal appeals court in New York renewed a court battle with huge implications for the brokerage's creditors, including Lehman affiliates and hedge funds. The dispute has its roots in the hectic sale of the brokerage's assets to Barclays in the days following the $639 billion bankruptcy of parent company Lehman Brothers Holdings Inc. in September of 2008. The brokerage contends the $250 million deal did not include the brokerage's cash assets. But Barclays says otherwise, relying on a clarification letter signed after the deal was approved.
