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Lehman Bankruptcy, Defense Expenses, and D&O Insurance

The September 2008 collapse of Lehman Brothers resulted in the largest bankruptcy filing in U.S. history , as well as an explosion of litigation and regulatory actions and investigations. In the pending bankruptcy proceedings a recent motion by the debtor's counsel details the massive legal costs...

Some Questions About the NYAG's Lehman-Related Complaint Against E&Y

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 complaint itself, which can be found here , raises...

THE NYAG’S SUIT AGAINST E&Y: SUBSTANCE vs. FORM

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 statements while knowing that they were false...

Lehman Brothers Credit Crisis-Related Securities Suit to Proceed

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 Kaplan knocked out certain of the plaintiffs'...

UBS to Pay $120M to Settle Claims Over Lehman Brothers Securities Losses

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