First Marblehead Exec Loses Spat Over Stock Options

Law360, New York (September 9, 2008, 12:00 AM EDT) -- A former executive of First Marblehead Corp. who claimed he lost millions of dollars in incentive stock options after relying on misleading statements by officers of the student loan servicing company has failed in his bid for a new trial.

Gregory House, the former president of First Marblehead Data Services, appealed to the U.S. Court of Appeals for the First Circuit after a jury agreed he had reasonably relied on negligent misrepresentations by First Marblehead executives but did not deserve damages as a result.

In an...
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