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American National Sues Over Lehman Losses

Law360 (February 6, 2009, 12:00 AM EST) -- American National Insurance Co. and certain of its affiliates have sued former Lehman Brothers Holdings Inc. officers, directors and underwriters over $21 million they lost as a result of the bankrupt investment bank's subprime exposure.

In a complaint filed Thursday in the U.S. District Court for the Southern District of Texas, the insurance company claims the defendants actively concealed the risk Lehman faced as the real estate market crashed last year and that they refused to properly value the company's assets.

Lehman, along with five officers,...
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