Calif. County Sues Lehman Execs Over $150M Loss

Law360, New York (November 13, 2008, 12:00 AM EST) -- San Mateo County, Calif., has sued the top brass of bankrupt behemoth Lehman Brothers Holdings Inc. for allegedly lying about the investment bank's financial health, leading to a $150 million loss for the county after Lehman's collapse.

The San Mateo County Investment Pool, which funds public agencies and school districts, sued the Lehman executives for fraud Thursday in the Superior Court of the State of California, County of San Francisco.

San Mateo argues that Lehman executives and company auditor Ernst & Young lied about the company's...
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