2nd Circ. Releases Lehman From Securities Class Action
By Stephanie Russell-Kraft
Law360, New York (October 28, 2013, 3:55 PM ET) -- Lehman Brothers Holdings Inc. was released Monday from one of the many securities class actions brought against it after its collapse when the Second Circuit ruled that an amended complaint drawn up by the class was barred by the statute of limitations and the statute of repose.
The plaintiffs originally claimed that the forms they signed to purchase securities from Lehman failed to disclose that the company had a 30:1 gross leverage ratio. But the plaintiffs’ amended complaint alleged not that Lehman had lied about the...