Calif. Investors' Lehman Collapse Suit Moves Forward

Law360, New York (October 15, 2012, 9:33 PM EDT) -- A federal judge on Monday greenlighted a securities fraud suit California investors brought over alleged lies Lehman Brothers Holdings Inc. told in the run-up to its financial-crisis collapse, ruling that some of the allegations against the firm's officers and directors can go forward.

U.S. District Judge Lewis A. Kaplan ruled in a 66-page opinion that core fraud claims in a group of eight lawsuits can go to trial, but found certain theories of investor harm were not strong enough.

In the suits, seven California public entities...
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