Court OKs Class Cert. In Fraud Suit Against Lehman

Law360, New York (August 5, 2009, 5:12 PM EDT) -- A federal judge has granted class certification to investors who are suing Lehman Brothers Holdings Inc., Morgan Stanley and Goldman Sachs Group Inc. for allegedly fraudulently issuing misleading analyst reports that artificially inflated the stock price of a communications company.

Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York ruled Tuesday the class will consist of anyone who bought stock in RSL Communications Inc. between April 30, 1999, and Dec. 29, 2000.

In the suit, which was first filed in...
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