CEO Richard Fuld

(Reuters) - Lehman Brothers Holdings Inc <LEHMQ.PK> has filed a lawsuit against Barclays Capital Inc alleging the British bank took control of excess assets in collusion with Lehman executives when it bought its U.S. brokerage business a year ago, court documents show. Lehman filed for bankruptcy on September 15, 2008, in the largest U.S. bankruptcy in history. Its flagship U.S. brokerage business was sold to Barclays less than a week later in a hurriedly assembled deal. Lehman said in September this year that Barclays Capital got an $8.2 billion "windfall profit" due to the fire sale of its business for an undisclosed $5 billion ... Read Full Story

NEW YORK (Reuters) - Two former Bear Stearns Cos hedge fund managers were acquitted on Tuesday of fraud charges in the first criminal trial of prominent Wall Street executives stemming from subprime mortgage securities that fueled a market meltdown. A jury in U.S. District Court in Brooklyn, New York, reached its verdict in the month-long trial of hedge fund managers Ralph Cioffi, 53, and Matthew Tannin, 48, after less than six hours of deliberations. The verdict could have implications for government investigations of possible wrongdoing at other companies in the lead up to the global financial crisis, including bailed-out giant insurer American International Group ... Read Full Story

AN AMBITIOUS LOOK AT WALL STREET'S CONVULSIONS Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves By Andrew Ross Sorkin Viking; 600 pp.; $32.95 There's no paucity of books about the financial crisis. Journalists, academics, economists, and pundits seem to have chronicled every event surrounding the drama on Wall Street. Some bite off just a piece, as did Wall Street Journal reporter Kate Kelly in Street Fighters, which looks at the last three days of failed investment bank Bear Stearns. Others, such as journalist Duff McDonald's biography of JPMorgan Chase CEO Jamie Dimon, ... Read Full Story

The administrators of Lehman Brothers' assets in Europe said Monday that they may seek a direct agreement with hedge funds and other creditors to return money tied up since the collapse of the parent company as an alternative to a court-sanctioned settlement. PricewaterhouseCoopers — which controls some $8.9 billion in assets from Lehman Brothers International (Europe) since the parent company went bankrupt on Sept. 15, 2008 — has proposed a contractual agreement with creditors following an adverse ruling by the High Court in London. The court ruled in July that it had no power to grant the administrators' request to set a "bar date" ... Read Full Story

NEW YORK (Reuters) - Lehman Brothers Holdings Inc <LEHMQ.PK> said on Tuesday that Barclays Capital Inc <BARC.L> got a $8.2 billion "windfall profit" from excess assets it took control of in the fire sale of Lehman's U.S. brokerage business a year ago. In court papers filed in federal bankruptcy court on Tuesday, Lehman claimed that "critical changes" were made to the sale in between the time the sale order was signed and the deal was closed, resulting in Barclays gaining control of assets that Lehman contends were not supposed to be part of the sale. Lehman filed for bankruptcy on September 15, 2008, in ... Read Full Story