Barclays on Wednesday lodged a lawsuit against Bear Stearns in New York, aimed at recovering funds it lost as a result of the “shocking” failure of one of Bear’s hedge funds.

Barclays, the UK bank, is seeking the return of $300m to $400m, according to people familiar with the case, although the complaint said that because the New York-based securities firm has withheld information to which Barclays is entitled, Barclays cannot determine the precise damages from Bear’s “misconduct”.