News & Events

On February 17, 2010, Judge Lewis A. Kaplan of the Southern District of New York granted in large part our motion to dismiss a putative class action complaint asserting Securities Act claims for purported misstatements and/or omissions in connection with the issuance of mortgage-backed securities by an affiliate of Lehman Brothers Holdings Inc. Our clients are officers and directors of the Lehman entity that filed the offering documents for the securities. Judge Kaplan dismissed for lack of standing the plaintiffs' claims with respect to 88 of the 94 offerings identified in the amended complaint, reducing the potential damages at issue by $82 billion or nearly 90%. Judge Kaplan also dismissed plaintiffs’ claims with respect to three of the four misstatements and omissions alleged.

The STB team consists of Mike Chepiga, Libby McGarry (who argued the motion on January 26, 2010), Michael Ledley, Erika Burk, Ihsan Dogramaci, Nick Cohen, Katie Sholly and Caleb Edwards, with valuable assistance from paralegal Timothy Lobdell.