2nd Circuit: Claims Over Lehman Brothers Plan Not Plausibly Pleaded
Mealey's (March 21, 2016, 10:48 AM EDT) -- NEW YORK — A New York federal judge properly rejected allegations that the fiduciaries of an employee stock ownership plan (ESOP) invested exclusively in Lehman Brothers Holdings Inc. stock breached their duties under the Employee Retirement Income Security Act by failing to recognize Lehman’s imminent collapse, the Second Circuit U.S. Court of Appeals ruled March 18 (In Re: Lehman Bros. Sec. and ERISA Litig., No. 15-2229, 2nd Cir.).
(Decision available. Document #54-160413-027Z.)
In affirming the findings by U.S. Judge Lewis A. Kaplan of the Southern District...