As per the media reports, Barclays Plc has been accused by Lehman Brothers Holdings Inc. for acquiring a $5 billion discount, when it purchased the North American brokerage business and some real estate, day after Lehman's bankruptcy filing a year ago.

The court papers, which were filed in federal bankruptcy court in Manhattan on the one-year anniversary of Lehman's bankruptcy filing, stated: "The Lehman estate that represents the interests of the company's creditors alleged that its own executives, in concert with Barclays' negotiators, helped Barclays realize a $5 billion windfall on a portfolio of Lehman securities."

Lehman, which took under consideration the margin deposits and liabilities assumed by Barclays, allegedly described the Barclays' windfall profit to be over $8.2 billion. It was on 15th September, 2008, that Lehman filed for bankruptcy and just within a week after the filing, its U. S. brokerage business was sold to Barclays.

"Material components of the transaction were not disclosed to the court before and at the sale hearing. The fact is that the deal was actually structured to give Barclays an immediate and enormous windfall profit. Certain Lehman executives agreed to give Barclays an undisclosed $5 billion discount off the book value of securities," a filing by Lehman informed.

The report, while considering the court papers, specified that it was when Barclays invested $45 billion into Lehman in exchange for $50 billion in securities that the windfall took place. The windfall occurred since the executives of both the companies resolute to leave the securities with the U. K. bank instead of permitting Lehman to later buy back the securities for $45 billion.

U. S. Bankruptcy Judge James Peck is being persuaded by Lehman to amend the deal and compel Barclays to return assets to Lehman's estate, while giving it the chance to follow claims for breach of contract, breach of fiduciary duty and unauthorized transfer of assets. A hearing is supposed to be held on 15th October.