18 October 2017

Excel error leaves Barclays with unwanted Lehman assets

15 October 2008  |  26160 views  |  0 Tablet Computer Screen

Barclays Capital has been forced to file a legal relief motion relating to its acquisition of Lehman Brothers' US assets after a reformatting error with an Excel spreadsheet resulted in 179 contracts being mistakenly included in the purchase agreement.

Barclays Capital's law firm, Cleary Gottlieb Steen & Hamilton, filed a motion with the US Bankruptcy Court for the Southern District of New York on Friday asking for the contracts to be excluded from the deal.

The motion says that on 7:48pm on 18 September Barclays sent an Excel spreadsheet containing a list of contracts to be included in the asset purchase agreement to Cleary Gottlieb.

The spreadsheet contained nearly 1000 rows with more than 24,000 individual cells and had to be reformatted and converted into a PDF document before being posted on the bankruptcy court's Web site by the end of the day.

But a junior associate reformatting the work was unaware that the original Excel document included hidden rows containing contracts that were marked with an "n" to signify they should not be part of the deal.

The document was posted on the Web site but the hidden cells had become visible when the employee globally re-sized the rows in the spreadsheet - without the original "n" designations.

The error was not spotted until 1 October and Barclays posted a revised list of contracts, with notice to the affected parties.

Cleary Gottlieb has now filed a relief motion asking the court to "correct the record to accurately reflect Barclays' actual designations and confirm that those agreements that were erroneously posted are not closing date contracts".
KeywordsLEGAL

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Barclays creates over 200 call centre jobs in Liverpool

Barclays creates over 200 call centre jobs in Liverpool

09 October 2008  |  12189 views  |  0 comments
Nomura to buy Lehman Indian BPO operations

Nomura to buy Lehman Indian BPO operations

06 October 2008  |  8713 views  |  0 comments
North American securities industry IT spending to plummet

North American securities industry IT spending to plummet

19 September 2008  |  14275 views  |  0 comments
Credit crunch sparks tech crunch as bank buy-outs escalate

Credit crunch sparks tech crunch as bank buy-outs escalate

18 September 2008  |  11494 views  |  0 comments
Lehman bankruptcy and Merrill buy-out shrinks industry IT budget

Lehman bankruptcy and Merrill buy-out shrinks industry IT budget

17 September 2008  |  11481 views  |  0 comments
Misys merger plans hit by Lehman fall-out

Misys merger plans hit by Lehman fall-out

17 September 2008  |  8802 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
15 October 2008
visit www.innotribe.comvisit www.fivedegrees.nlvisit www.capgemini.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15375 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8546 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8102 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7619 views comments | 13 tweets | 9 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6780 views comments | 9 tweets | 17 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job