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Calif. City Sues Over $145M Lehman Loss

Law360 (February 6, 2009, 12:00 AM EST) -- The city of South San Francisco has launched a suit against Lehman Brothers Holdings Inc.’s top brass, a clutch of underwriters and Ernst & Young LLP, alleging they masked the collapsed investment bank’s financial woes and risky investments, defrauding purchasers of Lehman medium term notes.

The complaint, lodged Wednesday in the U.S. District Court for the Northern District of California, claims Lehman made material misstatements and omissions related to the registration of notes acquired by an investment pool headed by the county of San Mateo....
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