The sale of the Lehman Brothers Holdings Inc. to Barclays Plc was fair amidst high recession, but its bankruptcy estate is no way entitled to recover a windfall of 11 billion dollars, ruled a federal judge. The judgment was awaited for a very long time. In the trial that was heard by United States bankruptcy judge James Peck Lehman Brothers argued that the buyer Barclays got a better and windfall deal in acquiring the United State’s Brokerage and investment operations.

Lehman on Sept. 20 in 2008 agreed to sell that business for 1.85 billion dollars. This was just 5 days after the chapter eleven filing of the company became what is considered by many the seminal event of the financial crisis round the globe.

Peck wrote in a hundred and three pages opinion that was issued late on Tuesday that the court wasn’t deceived in a manner which should then be permitted causing the upset of the integrity of sale order. He wrote that the sale process might have not been perfect but was still pretty adequate at that time considering the exceptional circumstances that Lehman underwent at that time.

Peck said that any such disclosure lapses that might have happened no way affect the fairness or the outcome of the hearing for the sale. He added that at that time their lingered a undeniably correct perception that the sale mitigated all the systematic risks and thus helping to avert a grater economic and financial calamity that benefited all the parties.

He also said that the court in absence of any other better alternatives would have still entered that vary same sale order. The more important reason for the same was that the sale then meant avoiding a potentially disastrous piecemeal liquidation that saved thousands of jobs amidst great financial crisis.