Litigation

Recent Posts

The N.Y. Attorney General’s Lawsuit Against E&Y: Substance vs. Form
Posted on 4 Jan 2011 by Thomas O. Gorman

Lehman Brothers' auditor Ernst & Young was named as a defendant in a Martin Act securities fraud suit by the New York Attorney General. The complaint claims that for years the giant accounting firm issued clean audit opinions on Lehman's financial... Read More

UBS To Pay $120 Million To Settle Claims Over Lehman Brothers Securities Losses
Posted on 9 Aug 2013 by Timothy Raub

NEW YORK — (Mealey’s) In a New York federal court, UBS Financial Services Inc. agreed on Aug 8 to pay $120 million to settle federal securities law claims that it misrepresented the investment quality of certain Lehman Brothers securities... Read More

SEC Loses High Profile Enforcement Action Arising From Market Crisis Case
Posted on 14 Nov 2012 by Thomas O. Gorman

The collapse of the Primary Reserve Fund in 2008 in the wake of the Lehman Brothers bankruptcy was one of the key events of the market crisis. Quickly the federal government stepped forward and guaranteed the money funds to which many had entrusted their... Read More

Some Questions About the N.Y. AG's Lehman-Related Complaint Against E&Y
Posted on 4 Jan 2011 by Kevin M. LaCroix

New York Attorney General Andrew Cuomo's December 21, 2010 filing of a civil fraud lawsuit against Ernst & Young in connection with the audit firm's services to Lehman Brothers has captured headlines in business pages around the world. The... Read More

Judge Rules Lehman And Ernst & Young Litigation Can Proceed
Posted on 2 Aug 2011 by Mark Zimbelman

According to an article in the Wall Street Journal : A lawsuit contending that Lehman Brothers Holdings Inc.'s former officials, underwriters and auditors are responsible for investor losses should go forward for the most part, a federal judge... Read More

JPMorgan Settles Lawsuit Over Alleged Misuse Of Lehman Funds For $20 Million
Posted on 5 Apr 2012 by LexisNexis Litigation Resource Community Staff

By Michael J. Lello WASHINGTON, D.C. - (Mealey's) JPMorgan Chase Bank NA on April 3 agreed to pay $20 million to settle a U.S. Commodity Futures Trading Commission (CFTC) suit alleging that it mishandled Lehman Brothers Inc. customers' funds... Read More

Plaintiffs' 'Core' Allegations Survive in Lehman Brothers Securities Litigation
Posted on 29 Jul 2011 by Kevin M. LaCroix

In a detailed 106-page opinion dated July 27, 2011 ( here ), Southern District of New York Judge Lewis Kaplan granted in part and denied in part the defendants' motions to dismiss in the consolidated Lehman Brothers Securities Litigation. Though Judge... Read More

14 Former Lehman Brothers Execs Agree To Settle Securities Class Action For $90 Million
Posted on 1 Sep 2011 by Kevin M. LaCroix

In a development that undoubtedly will attract comment and controversy, fourteen former Lehman Brothers executives--including former Lehman Chairman and CEO Dick Fuld --have reached an agreement to settle the consolidated securities class action litigation... Read More

Ernst & Young Lehman Litigation: It's No Victory If You're Going To Trial
Posted on 2 Aug 2011 by Francine McKenna

It wasn't even a verdict. Just a decision by New York Federal Court Judge Lewis Kaplan in one Lehman failure cases Ernst & Young is fighting. A decision to allow substantially all of the allegations against Lehman executives and at least one of... Read More

2nd Circuit: Rating Agencies Can't Be Held Liable In Securities Litigation As '33 Act Underwriters
Posted on 13 May 2011 by Kevin M. LaCroix

In a May 11, 2011 opinion ( here ), a three-judge panel of the Second Circuit affirmed the dismissal of rating agency defendants in litigation filed under the Securities Act of 1933 and involving mortgage-related securities issues by Lehman Brothers and... Read More

Lehman Brothers Agrees To $1 Billion Settlement With Bermuda Affiliates
Posted on 29 Feb 2012 by LexisNexis Litigation Resource Community Staff

NEW YORK - (Mealey's) Lehman Brothers Holding Co. Inc. on Feb. 28 agreed to a $1 billion settlement that resolves $2.3 billion in claims brought by the closed bank's affiliates based in Bermuda, according to a brief the bank filed in a New York... Read More

Lehman Brothers Estate Sues JPMorgan Chase
Posted on 27 May 2010 by LexisNexis Litigation Resource Community Staff

NEW YORK — (AP) The estate of Lehman Brothers Holdings Inc. claims that JPMorgan Chase & Co. helped drive Lehman into bankruptcy by forcing it to give up billions of dollars in cash reserves that it otherwise could have used to stay afloat.... Read More

Lehman Brothers Trustee Sues Citibank For $1.3 Billion
Posted on 22 Mar 2011 by LexisNexis Litigation Resource Community Staff

NEW YORK - (AP) The trustee overseeing the bankruptcy of Lehman Brothers' brokerage unit is suing Citibank for more than $1.3 billion. Trustee James Giddens said in a lawsuit filed Friday in Manhattan that he seeks to recover a $1 billion deposit... Read More

Australian Court Clears Way For Lehman Lawsuits
Posted on 31 Mar 2010 by LexisNexis Litigation Resource Community Staff

MELBOURNE, Australia – (AP) Australian investors in Lehman Brothers and affiliated companies are free to pursue more than 600 million Australian dollars ($551 million) in damages after the High Court on Tuesday dismissed two appeals. The decision... Read More