Calif. Court Nixes Schools' Bid To Recoup Lehman Losses

Law360, New York (February 1, 2013, 6:29 PM EST) -- A California appeals court on Thursday affirmed a lower court’s ruling against a group of school districts in the state claiming they lost $20 million investing in funds managed by San Mateo County after the county invested in notes issued by the now-collapsed Lehman Brothers Holdings Inc.

A three-judge panel’s ruling upended the school districts' argument that the defendants violated the “prudent investor standard” that relates to government investments by not anticipating Lehman’s collapse and by investing too much of the more than $1 billion dollar...
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