Deals
Bank of America, Barclays Deny Illegal Acts Over Archstone
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Bank of America Corp. and Barclays Plc, which have been trying to sell part of a stake in Archstone to Sam Zell’s Equity Residential, denied they engaged in illegal or harmful conduct, as Lehman Brothers Holdings Inc. alleged.
Bankrupt Lehman, which has agreed to buy half of the banks’ Archstone stake for $1.3 billion, revised a lawsuit last month to stop them from selling their remaining stake for almost $1.5 billion to the Zell company. The banks would be unjustly enriched if Lehman was forced to match Zell’s price, the defunct firm said in the amended complaint filed in Manhattan bankruptcy court.