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Lehman Bros. Accused Of Options Backdating

Law360 (April 16, 2007, 12:00 AM EDT) -- A shareholder derivative lawsuit has been filed against Lehman Brothers Holdings Inc., alleging that 22 of the investment bank’s executives unjustly enriched themselves by manipulating stock options grants.

In the complaint, filed Friday in the U.S. District Court for the Southern District of New York, shareholder Robert L. Garber accused the executives, including CEO Richard S. Fuld Jr. and CFO Christopher O’Meara, of reaping millions of dollars in unlawful profits.

“The odds that Lehman’s stock option grant dates pattern would have occurred by chance are more...
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