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Lehman Brothers

Case Caption: In re Lehman Bros. Equity/Debt Sec. Litig.

Case Number: 1:08-cv-05523-LAK, 1:09-md-2017-LAK

Court: Southern District of New York

Judge: Honorable Lewis A. Kaplan

Plaintiffs: Oklahoma Firefighters Pension and Retirement System, Alameda County Employees’ Retirement Association, Government of Guam Retirement Fund, Northern Ireland Local Government Officers’ Superannuation Committee, City of Edinburgh Council as Administering Authority of the Lothian Pension Fund, and Operating Engineers Local 3 Trust Fund

Defendants: Richard S. Fuld, Jr., Christopher M. O'Meara, Joseph M. Gregory, Erin Callan, Ian Lowitt, Michael L. Ainslie, John F. Akers, Roger S. Berlind, Thomas H. Cruikshank, Marsha Johnson Evans, Sir Christopher Gent, Roland A. Hernandez, Henry Kaufman, John D. Macomber, Ernst & Young LLP, and certain Underwriter Defendants

Overview: 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.