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

BARCLAYS PLC

(BARC)
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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

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Financials (GBP)
Sales 2019 21 270 M
EBIT 2019 7 513 M
Net income 2019 3 531 M
Debt 2019 -
Yield 2019 6,50%
P/E ratio 2019 6,61x
P/E ratio 2020 5,99x
Capi. / Sales2019 1,12x
Capi. / Sales2020 1,08x
Capitalization 23 874 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 189,42  GBp
Last Close Price 138,48  GBp
Spread / Highest target 102%
Spread / Average Target 36,8%
Spread / Lowest Target -20,1%
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Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
John McFarlane Group Chairman
Paul Compton Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
John Stecher Chief Innovation Officer
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