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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 07/07 11:30:00 am
114.95 GBX   -2.00%
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Barclays : Ex-Lehman trader loses bid for $83 million 'windfall' bonus - judge

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07/06/2016 | 07:23pm EDT
A Christie's employee poses for a photograph with the plaque from Lehman Brothers' European headquarters at Christie's in central London

NEW YORK (Reuters) - A federal judge on Wednesday said a former star Lehman Brothers Holdings Inc trader was not entitled to an $83 million (£64.4 million) bonus he claimed he was owed following the investment bank's 2008 collapse, on top of a similar sum that Barclays Plc already paid him.

U.S. District Judge Lorna Schofield in Manhattan also said the former trader Jonathan Hoffman did not deserve $7.7 million that a federal bankruptcy judge had said he could recoup from the estate of Lehman's brokerage unit, Lehman Brothers Inc, based on an unpaid instalment from his 2007 bonus.

Hoffman's quest for additional pay is one of the largest lawsuits left in the wind-down of Lehman, whose Sept. 15, 2008 bankruptcy remains the biggest in U.S. history and helped trigger a global financial crisis.

Schofield said Hoffman, a former managing director, had been "extremely successful" trading interest rate products, generating billions of dollars of profit since joining Lehman in 1994.

But she said it "strains credulity" for Hoffman to argue that Barclays, the British bank that bought much of Lehman's North American banking business, paid him $83 million as a signing bonus or motivational tool, and that the sum only coincidentally matched what Lehman owed.

"He negotiated for and received everything he was owed, and now seeks to collect an $83 million windfall," Schofield wrote. "His claim is barred in its entirety."

Lawyers for Hoffman did not immediately respond to requests for comment.

A spokesman for James Giddens, a court-appointed trustee liquidating the Lehman brokerage estate, said the decision ensures that there will be no "double recoveries," an outcome that is fair to customers and creditors.

Hoffman had sought a payment equal to roughly one-seventh of the $540 million of profit he claimed to generate for Lehman in its 2008 fiscal year, prior to the firm's failure.

The judge said that payment obligation, however, had moved to Barclays.

Schofield's denial of the $7.7 million payment reversed part of an Oct. 2015 ruling in which U.S. Bankruptcy Judge Shelley Chapman in Manhattan also rejected an $83 million payout.

The case is In re: Lehman Brothers Inc, U.S. District Court, Southern District of New York, No. 15-08903.

(Reporting by Jonathan Stempel in New York; Editing by Tom Brown)

By Jonathan Stempel

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -1.99% 114.96 Delayed Quote.-34.70%
LETS HOLDINGS GROUP CO., LTD. 3.09% 11.68 End-of-day quote.93.38%
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Financials
Sales 2020 21 259 M 26 733 M 26 733 M
Net income 2020 668 M 840 M 840 M
Net Debt 2020 - - -
P/E ratio 2020 33,6x
Yield 2020 1,71%
Capitalization 20 339 M 25 421 M 25 575 M
EV / Sales 2019
Capi. / Sales 2020 0,96x
Nbr of Employees 80 800
Free-Float 99,6%
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Technical analysis trends BARCLAYS PLC
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 142,63 GBX
Last Close Price 117,30 GBX
Spread / Highest target 100%
Spread / Average Target 21,6%
Spread / Lowest Target -37,7%
EPS Revisions
Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
Timothy James Breedon Independent Non-Executive Director
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