ERISA Class Action Against Lehman Directors Nixed

Law360, New York (February 3, 2010, 1:47 PM EST) -- A federal judge has thrown out a putative class action against Lehman Brothers Holdings Inc.'s former directors over the management of an employee stock ownership plan that lost value when the firm failed, ruling 11 defendants were not fiduciaries to the plan and the 12th did not breach her fiduciary duties.

Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York on Tuesday granted the defendants' motion to dismiss a consolidated amended complaint in the consolidated Employee Retirement Income Security...
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