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Citigroup Inc. has settled a lawsuit against Barclays Plc in which it sought to recover more than $141 million for providing foreign exchange services to a unit of Lehman Brothers Holdings Inc. during the 2008 financial crisis, Reuters reported yesterday. In a letter filed yesterday with the U.S. District Court in Manhattan, the banks said that they had reached an agreement in principle to resolve the case. Terms were not disclosed as U.S. District Judge Lorna Schofield dismissed the lawsuit without prejudice and gave Citigroup 30 days to refile if warranted. The case related to Citigroup's role in the Continuous Linked Settlement system, which was designed to ensure that foreign exchange trades are completed. Citigroup said that it sought to stop settling trades for Lehman's brokerage unit on Sept. 17, 2008, two days after Lehman filed the largest bankruptcy in U.S. history, because it was incurring large losses. It said that because Barclays was then buying Lehman's U.S. broker-dealer business, the British bank urged it to continue the services, and would cover its losses from Sept. 17 to 19. Citigroup had said Barclays failed to honor this indemnity, causing it to lose $580 million. It later reduced this sum to $90.8 million, and sued for the lowered amount plus interest and legal fees.

Exide Technologies Inc. and its creditors are vying for the right to launch a probe into suspected metal price-fixing, with an eye toward collecting damages if it turns out the battery-maker was victimized, the Wall Street Journal reported today. Suspicions that warehouse owners and the London Metal Exchange conspired to inflate metals prices (and warehouse rents) by stockpiling the commodities in “shadow warehouses” surfaced last year, triggering questions from the Commodity Futures Trading Commission and Department of Justice as well as a wave of lawsuits. If proven, the claims of anticompetitive behavior could mean money for Exide, a lead-acid battery maker that filed for chapter 11 protection in June 2013. The chapter 11 case is Exide’s second in less than a dozen years, and the company is under pressure to produce a restructuring plan that will win the approval of its creditors and the court. The chance to collect damages due to alleged anticompetitive behavior would be a valuable asset to put on the table in plan negotiations, according to court papers filed by Exide’s unsecured creditors' committee.

Edison Mission Energy will emerge from bankruptcy liability-free under a settlement that gives its parent, Edison International, a net benefit of $200 million, Chief Executive Officer Ted Craver of Edison International said, Bloomberg News reported yesterday. The settlement “reduces risk and allows investors to focus more on the core Edison International investment thesis,” Craver said yesterday. The settlement, which needs bankruptcy court approval, was announced today in a filing with the U.S. Securities and Exchange Commission. Edison Mission, which filed for bankruptcy in December 2012, is seeking to emerge by selling its business to NRG Energy Inc. for $2.64 billion.

OSX Brasil SA, the bankrupt shipbuilding company controlled by former billionaire Eike Batista, is in talks with Cerberus Capital Management LP and a number of unnamed investors for a potential debtor-in-possession financing deal, Reuters reported yesterday. Currently no agreement has been struck between OSX and potential sources of the loan, the Rio de Janeiro-based company said in a securities filing yesterday. OSX's focus at this point is what to do with three floating production storage and offloading vessels it owns, according to the filing. A source with knowledge of the situation said OSX, which filed for bankruptcy protection late last year, is seeking between $200 million and $215 million in financing to move ahead with a restructuring process.

Freedom Industries is asking the bankruptcy court to speed up the hearing process and give approval to hire experts and environmental consultants to look into details of the Jan. 9 chemical spill, the Charleston (W.Va.) Daily Mail reported yesterday. Freedom wants experts and consultants to assist in remediation of the site, help preserve evidence and help in the defense against lawsuit allegations. The filing also explained Freedom's insurance policies, which will pay for parts of the remediation process. In Saturday's bankruptcy court filing, Freedom requests the hearing on this motion to take place at 10 a.m. on Friday — the same time the court will hear other bankruptcy motions, including the final hearing on Freedom's financial motion.

The Astros and Rockets each claim they are owed more than $27 million in unpaid rights fees by Comcast SportsNet Houston, according to documents filed yesterday in the network’s chapter 11 case, the Houston Chronicle reported today. The teams top a list of the 25 largest unsecured claims against the network, totaling about $60 million, submitted in advance of a hearing today before Bankruptcy Judge Marvin Isgur. The Astros, who own 46 percent of the partnership, and Rockets, who own 31 percent, are by far the largest unsecured creditors. The Astros, who were not paid their rights fees for the final three months of the 2013 season, are owed $27,898,563, and the Rockets, who have not been paid this season, are owed $27,683,693.

Tronox Inc. creditors say Anadarko Petroleum Corp. should pay $20.8 billion for its improper spinoff of the company, far more than what Anadarko has suggested it owes, Dow Jones Daily Bankruptcy Review reported today. In a Wednesday court filing, a trust representing Tronox creditors said Anadarko owes the "high end" of the range given by a judge, who in December found Anadarko liable for between $5 billion and $14.5 billion in environmental cleanup due to its spinoff of Tronox. That figure was subject to the calculation of how much Anadarko is owed as a creditor in Tronox's bankruptcy.

Lehman Brothers Holdings Inc. settled a $1.2 billion claim with Freddie Mac, freeing up millions of dollars which will be available for distribution to the bank's creditors, Reuters reported yesterday. Under the settlement, Lehman will make a one-time cash payment of $767 million to Freddie Mac, Lehman said in a court filing on Wednesday. The dispute stems from two loans extended to Lehman by Freddie Mac in the months before the bank filed for bankruptcy. Lehman was scheduled to repay the loan on Sept. 15, 2008, the day it filed for the biggest-ever bankruptcy. Lehman had set aside $1.2 billion to cover the claim as a general unsecured claim, but Freddie Mac argued that the claim should get priority status.

The Archdiocese of Milwaukee has proposed setting aside $4 million to compensate the victims of clergy sexual abuse in its bankruptcy reorganization plan, the Associated Press reported yesterday. The archdiocese filed for bankruptcy in 2011, saying pending sexual abuse lawsuits could leave it with debts it can't pay. A statement the archdiocese provided to The Associated Press says the bankruptcy plan will include $4 million for sexual abuse victims. Some of that also could be used to sue the archdiocese's former insurers to get them to pay victims. The reorganization plan also includes money to provide victims with therapy for the remainder of their lives.

The U.S. Department of Health and Human Services is objecting to the sale of clinical laboratory operator MedLab, saying it violates regulations that protect patients' privacy, Dow Jones Daily Bankruptcy Review reported today. The federal agency said that the bankruptcy court shouldn't approve a sale that allows MedLab to provide customer lists as part of the sale of its assets, as is outlined in one potential deal.