Lehman Brass, Calif. Cities End Securities Row For $1M

Law360, New York (September 28, 2011, 5:23 PM EDT) -- Former Lehman Brothers Holdings Inc. executives asked a New York bankruptcy judge Tuesday to greenlight their $1.05 million settlement with six California municipalities that claimed Lehman fraudulently sold them $35 million in securities before collapsing in 2008.

Under the terms of the proposed settlement, the money would come from a $250 million insurance policy Lehman took out to cover any claims made against its directors and officers between May 2007 and May 2008. Lehman filed for Chapter 11 protection on Sept. 15, 2008.

The $250 million...
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