Lehman Brothers may be dead, but its earthly representatives are challenging the well-established legal precedent of “tap tap, no takebacks” in an effort to extract $10 billion from Barclays.
It seems the Barclays may have used some fancy contractual footwork to get more than Lehman bargained for when the British bank bought the dying bank’s North American assets. Alvarez and Marsal, hired by Lehman to figure out how Barclays wound up shacking up with its wife in addition to running its U.S. businesses, say Barclays pulled a fast one, getting a judge to give the OK to amendments to the preliminary sale contract that opened billion-dollar loopholes.

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