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Securities Suit Against Lehman Execs Tossed

Law360 (February 9, 2009, 12:00 AM EST) -- A lawsuit alleging three former employees of bankrupt Lehman Brothers Holdings Inc. failed to supervise the trading of more than $1.7 million invested by two brothers-in-law has been dismissed after a federal judge determined the plaintiffs had no basis to assert federal securities fraud claims.

In a decision handed down Friday in the U.S. District Court for the Southern District of New York, Judge Colleen McMahon granted a motion to dismiss by Mark J. Stevenson, Abbey Gladstone and Michael Cassano, three former employees of Lehman's private...
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