Court Upholds $10M Award Against Lehman

Law360 (August 10, 2007, 12:00 AM EDT) -- Investment bank Lehman Brothers Inc. must fork over more than $10 million to five investors after losing its appeal against an arbitration ruling in a case stemming from a massive fraud masterminded by a stockbroker.

In an opinion published Wednesday, the U.S. Court of Appeals for the Sixth Circuit upheld a district court's decision to deny the bank's request to vacate the ruling, saying it found no merit in Lehman's arguments that the investors had suffered little "out-of-pocket" loss, and had actually profited by the fraud...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.