Barclays Defeats Claim that It Required Unjustified Payment From SemGroup

, The Litigation Daily

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Sullivan & Cromwell has brought a quick end to a suit alleging that client Barclays Bank exacted an "unconscionable" $143 million payment from SemGroup LP as the energy pipeline company teetered on the brink of bankruptcy. On Friday a judge dismissed a claim by SemGroup's bankruptcy trustee that demanded that Barclays return the fee, which the bank received in exchange for taking over a book of poorly performing commodities investments from SemGroup.

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