KTMC represented the Alameda County Employees’ Retirement Association, former shareholders of Lehman Brothers Holdings, Inc., (Lehman) in this massive case alleging that Lehman made false and misleading statements prior to its unprecedented bankruptcy filing in 2008. The statements, which concerned Lehman’s net leverage, risk management and concentration of risks, were made ’in registration statements and prospectuses used to market numerous offerings leading up to the bankruptcy filing.
Despite Lehman’s bankruptcy, we were able to negotiate a $616 million settlement funded by Lehman’s underwriters, auditor and officers and directors.