New Claims Can't Save Lehman ERISA Suit: Judge

Law360, New York (October 5, 2011, 8:21 PM EDT) -- A New York federal judge on Wednesday dismissed for a second time a putative class action against Lehman Brothers Holdings Inc.'s former directors over the management of an employee stock ownership plan that suffered massive losses when the company failed in September 2008.

U.S. District Judge Lewis A. Kaplan ruled that the plaintiffs had failed in their second amended complaint to sufficiently allege under the Employee Retirement Income Security Act that the committee overseeing the retirement plan should have known that Lehman's stock was at risk...
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