Citigroup sues Barclays over losses tied to Lehman

May 07, 2013, 12:48 PM EDT

Citigroup is suing Barclays to recover more than $141 million for providing foreign exchange services to a unit of Lehman Brothers Holdings soon after Lehman's bankruptcy. The complaint was filed late Monday in the U.S. District Court in Manhattan. Citigroup's suit says it sought to stop settling trades for Lehman's brokerage unit two days after Lehman went bankrupt but Barclays, then in the process of buying Lehman's U.S. broker-dealer business, urged Citigroup to keep providing the services and agreed to indemnify it for losses between September 17-19, 2008. Citigroup says it incurred losses of $580 million in losses over that period.

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