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NJ Sues Lehman Execs Over $118M Loss

Law360 (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...
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