SEC Denies Lehman Bid Over Global Warming Review

Law360, New York (February 6, 2008, 12:00 AM EST) -- A mutual fund will likely be allowed to push a proposal to Lehman Brothers Holdings Inc. shareholders that questions the bank's stance on environmentally friendly policies.

Lehman Brothers' request to exclude the Free Enterprise Action Fund's proposal from its proxy was against The U.S. Securities and Exchange Commission rules, the commission said in an opinion letter last week.

The decision means that Lehman Brothers will probably include the fund's proposal in its proxy, which is scheduled to be distributed to shareholders in March.

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