Tuesday, October 14, 2008

Excel Error Leaves Barclays With More Lehman Assets Than It Bargained For

Heather Havenstein writes on ComputerWorld:

A reformatting error in an Excel spreadsheet has cropped up in the largest bankruptcy case in U.S. history, prompting a legal motion by Barclays Capital Inc. to amend its deal to buy some of the assets of Lehman Brothers Holdings Inc.

The law firm representing Barclays filed the motion [.pdf] on Friday in U.S. Bankruptcy Court for the Southern District of New York, seeking to exclude 179 Lehman contracts that it said were mistakenly included in the asset purchase agreement. The firm — Cleary Gottlieb Steen & Hamilton LLP — said in the motion that one of its first-year law associates had unknowingly added the contracts when reformatting a spreadsheet in Excel.

More here.


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