Citigroup has sued Barclays to for more than US$141 million over losses suffered providing foreign-exchange settlement services to Lehman Brothers Holdings just before the investment bank collapsed.
Citigroup filed a lawsuit against Barclays in the federal US District Court in Manhattan to reclaim losses it says have gone unrecovered since financial crisis in September 2008.
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Barclays agreed to indemnify New York-based Citigroup for its settlement-related losses from 17 September 2008 to 19 September 2008, according to the complaint.
"In clear breach of the parties’ agreement, Barclays has refused Citibank’s repeated demands that it honor its indemnity," according to the complaint.
Citigroup said it incurred $580 million in losses over that period, but has reduced the amount to $90.8 million. The $141 million it seeks includes this sum plus interest and legal fees, which Citigroup said are covered by the indemnity.
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