Barclays PLC — sued for return of an alleged "secret" $5 billion profit on the purchase of Lehman Brothers Holdings Inc.'s brokerage — responded Friday that it owes nothing and wants to be paid $3 billion it was promised earlier.

Britain's second-largest bank said in a court filing that Lehman's advisers knew Barclays might make a profit on the 2008 deal and approved it anyway. At issue is $45 billion Barclays paid as part of the purchase in return for securities valued at $49.7 billion. The sale was made just after Lehman declared bankruptcy on Sept. 15, 2008, amid concern that the global banking system was on the verge of collapse and the Lehman Brothers brokerage faced liquidation.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.