1EE LLC v. Giddens (In re Lehman Brothers Holdings Inc.)
- Summarized by Joel Levitin , Cahill Gordon & Reindel LLP
- 7 years 5 months ago
- Case Type:
- Business
- Case Status:
- Affirmed in part and Reversed in part
- Citation:
- 16-2737; 16-2788 (2nd Circuit, Jul 27,2017) Not Published
- Tag(s):
-
- Ruling:
- SUMMARY ORDER -- NO PRECEDENTIAL EFFECT. Two former employees of Lehman were not entitled to separate claims against Lehman for bonus claims tied to their employment that were assumed and paid by Barclays as part of its acquisition of certain Lehman businesses. However, one such employee was entitled to make a claim on an earlier year's bonus that was not assumed by Barclays, even though such claim was paid by Barclays.
- Procedural context:
- Appeal from judgment of United States District Court for the Southern District of New York (Schofield, J.), which affirmed that part of the order of the United States Bankruptcy Court for the Southern District of New York (Chapman, J.) disallowing Judkins' claim and most of Hoffman's claim and which reversed that part of the order allowing a portion of Hoffman's claim.
- Facts:
- Pursuant to an asset purchase agreement, Barclays Capital purchased certain businesses from Lehman. Under the APA, Barclays agreed to offer employment to former employees who worked in the acquired businesses and to accept certain compensation obligations to accepting employees. To particular employees accepted employment with Barclays and received bonus payments from Barclays consistent with what they would have received at Lehman.
- Judge(s):
- Dennis Jacobs, Debra Ann Livingston, Circuit Judges; George B. Daniels, District Judge
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