E&Y, Fidelity Beat Suit Over 2008 Lehman Bankruptcy

Law360, Los Angeles (December 6, 2012, 6:57 PM EST) -- A New York federal judge on Monday dismissed a lawsuit against Fidelity Management Trust Co. and Ernst & Young brought by participants in the Lehman Brothers Savings Plan, ruling the plaintiffs could neither challenge the companies for not detecting Lehman’s financial troubles nor sue them for not litigating about the fiscal problems.

The lawsuit is part of a multidistrict litigation pending in the Southern District of New York related to securities and Employee Retirement Income Security Act claims stemming from Lehman Brothers Holdings Inc.’s 2008 bankruptcy,...
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