Lehman Investors Win Class Cert. Against Ernst & Young, UBS

Law360, Los Angeles (January 23, 2013, 10:13 PM EST) -- A New York federal judge on Wednesday approved most of a bid for certification of an investor class action against former officials and auditors of Lehman Brothers Holdings Inc. in multidistrict litigation over the bankrupt company's securities offerings.

U.S. District Judge Lewis A. Kaplan denied Ernst & Young LLP and UBS Financial Services Inc.'s motion to dismiss the certification bid of two classes pursuing claims against the accounting firm and the investment bank, holding both groups satisfied the criteria for class status.

“[T]he satisfaction of almost...
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