Lehman MDL Plaintiffs Settle With Underwriters For $417M

Law360, New York (December 5, 2011, 8:59 PM EST) -- Underwriters for Lehman Brothers Holdings Inc. on Friday agreed to pay $417 million to settle a suit in multidistrict litigation accusing the bank and its underwriters of misleading investors about risky subprime mortgage positions in their securities offerings, including retirement accounts.

A group of investors asked U.S. District Judge Lewis A. Kaplan on Friday for permission to notify the class of the proposed underwriters settlement, as well as one finalized in October with Lehman officers and directors for $90 million.

The settlements come after almost three...
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