NJ Sues Lehman Execs Over $118M Loss

Law360, New York (March 17, 2009, 12:00 AM EDT) -- The state of New Jersey smacked numerous Lehman Brothers Holdings Inc. executives and directors as well as acounting firm Ernst & Young LLP with a lawsuit on Tuesday, claiming the state's pension funds lost $118 million because of misrepresentations related to the value of Lehman's assets, its liquidity and its exposure to the collapsing real estate market.

The eight-count complaint was filed in New Jersey Superior Court in Mercer County on behalf of New Jersey's Division of Investment, against nine executives and nine directors as well...
To view the full article, register now.