Lehman Bros. Holdings Inc. lost a bid to recover an alleged $11 billion “windfall” from Barclays plc’s purchase of its defunct brokerage unit, when a judge ruled the transaction was fair, Bloomberg reported.

Barclays stands to get at least $800 million of the $3 billion it wanted, and may get a similar amount later, according to a ruling yesterday by U.S. Bankruptcy Judge James Peck in Manhattan and previous court filings.

“In this very high-stakes dispute, Barclays was sure enough of its position that it was willing to bet the house on prevailing rather than entertaining settlement,” said George Kuney, a professor at the University of Tennessee College of Law in Knoxville who teaches bankruptcy and contract law.

The bankruptcy fight pitted Britain’s third-biggest bank against Lehman, which has said its creditors will get an average of 18.6 cents on the dollar, without lawsuit proceeds.

The trustee liquidating the remnant of Lehman’s brokerage claimed London-based Barclays owed $7 billion. His claim also was denied by Peck.

Barclays shares rose 2.6 percent to 327.7 pence at 8:20 a.m. in London trading today, valuing the bank at 39.9 billion pounds ($65 billion).