Lehman Brothers Class Action Lawsuit Filed

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A Lehman Brothers class action suit has been filed on behalf of investors who purchased Lehman Preferred Series “J” stock shares issued between February 5, 2008 and September 15, 2008.

The lawsuit was filed against several Lehman executives, as well as firms that underwrote the offering, claiming that false and misleading statements were made about the financial strength of the investment bank.

On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection, causing substantial losses for investors. The collapse began in 2007 when the mortgage market crisis unfolded, as Lehman was heavily invested in subprime mortgages.

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The Lehman Brothers lawsuit was filed on Wednesday in the U.S. District Court in Manhattan by institutional investors Fogel Capital Management. The complaint names the former CEO, other former Lehman directors, Bank of America, Citigroup, Merrill Lynch and other firms that underwrote the offering of the Lehman Preferred Series “J” shares.

In February 2008, 76 million of the preferred shares were sold at $25 each, for $1.9 billion offering. Following the collapse of Lehman Brothers, the shares have fallen to under 10 cents, which has resulted in huge losses for investors.

The suit seeks class action status on behalf of all investors who purchased the Lehman Preferred Series “J” stock shares.

The lawsuit alleges that the prospectus issued prior to the offering failed to reveal Lehman’s large exposure to the sub-prime mortgage market and contained various false and misleading statements about the financial strength of the company.

Tags: Class Action, Financial Fraud, Lehman Brothers
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155 Comments

pat
IS THERE ANYONE OUT THERE WHO FEELS THAT MAYBE WE SOULD SUE THE GOVERNMENT FOR NOT STEPPING IN AND HELPING THEM LIKE THEY HELP EVERYONE ELSE.. I DON,T THINK THATS FAIR YOU LET A COMPANY THE SIZE OF LEHMAN GO OUT AND BAIL EVERYONE ELSE OUT
GINA
I purchased 25k Lehmna bros 3/08 with a 3/09 mature date. was assured this was super safe- now it is worth less// spoke to my stock broker 2day. I can’t even take as a loss since it’s in my retirement account… But I did cash in another retirement policy as I was laid off my job after 14 yrs and needed some money…. Is the goverment going to give me a break on the early retirement taxes!!!! NO!!!!!—– I did hear that there will be a large Class Action Law suit filing next year. Disney had milliions in Lehman bros bonds. So we may re-coop some $. I will believe when I see it
oleta
if I join a class-action law suit against Lehman Brothers and get only 25% of my invesrment, can I claim a loss to IRS for what I need to break even?. Also why is Chapter 11 available in the law to allow a business to take investers money and then use the loop-hole to restart another business and walk away with the investers money and not be forced to make restution by the Federal Government ?
Bob
Does anyone know if the Federal Government will be sued since they discriminated against a whole class of us who own Lehman stock when they let Lehman fail while bailing everyone else out and their cousins? I’d sure want to participate in that.
Robert
I have 2 Lehman corporate notes totaling $70,000 with present ratings of B3 for Moodys and NR for S&P. Originally they were A1 for Moodys and A+ for S&P. No interest is being paid. Present value is 10 %.
JP
I bought a $25,000 Corporate Lehman Brothers Holding Co. bond form TD Ameritrade (see above comments). I believe I was a victim of misrepresentation and violation of a fiduciary responsiblity. Please let me know if there is a class action lawsuit against TD Ameritrade and/or Lehman Brothers that I may join. I have filed a complaint with TD Ameritrade and the SEC. The first was investigated and denied. The second is still under investigation
JP
I bought a $25,000 Lehman Corporate Holdings bond (cost was approximately $22,—) in May 2008 from TD Ameritrade. This was after a CD I had with them had matured and I was looking for a comparable investment. One of their Amerivest representatives referred me to the fixed income department who sold me the bond. I was not told that the company was under a watch or informed that the reason the bond was being sold at a deep discount was that nobody wanted it. This first representative purported to be offering the “free investment consultation” advertised in the company’s flier.
George
In May at the urging of Standard Chartered Bank we invested a large portion of our savings in a “European Banking Recovery Note” from SCJL with Lehman Europe as Gaurantors. Standard Chartered said that money was 100% protected, could be traded early, would not have any US financial exposure. Standard Chartered now say money was invested 100% with Lehman US, cannot be traded, is not protected and not their problem that bad / inaccurate information was supplied by them. Anyone any suggestions how to go after Standard Chartered Bank?
urko
My mother and I also have been injured with 80,000 which is an important part of our savings. structured products from Lehman were sold to individual savers such as insurance and risk-free through intermediary banks ensuring that capital was not at risk. is a big scam in USA and also has been done in the rest of the world. I wonder, the investment banks could not obtain deposits from the general public as commercial banks, but in deeds, through the intermediary banks, have violated that rule and have collected funds from savers by giving simple junk bonds in return with the complicity of the intermediary banks. is not this a serious violation of the law? why it has allowed these products reach individual savers
JULES
I PURCHASED $30000 LEHMAN BROS. LEHMAN NOTES 2/22/05 5.6% DUE 2/25/30 THRU EDWARD JONES IT IS CURRENTLY WORTH $1300. I AM INTERESTED IN A CLASS ACTION SUIT TO ALSO ADDRESS THE WAY EDWARD JONES HANDLED THIS FIASCO.
Mary
We’re all in the same boat being elderly and losing our life savings. This is a national disaster and we are getting no help. I called our state senator and they gave me Lehman’s phone number. They told me I’ll get a letter from them with a form to file. Here’s the number: 1888-756-5294. At least, we can call them. Let’s all pray about this. God does answer prayers. lovingly Mary
frederick
I too was solicited to buy $50,000 preferred lehman bonds in february, 2008 as a solid AA investment
Arlyn
People, remember – only YOU, put money you could not afford to lose into Common Stock. We are in a Depression! Read the history of 1929. The Government is making it worse by printing money that is worthless. Giving all the manufacturing to China, Japan, South America, Mexico and many more countries has taken away what made America a rich country. Buy back, at inflated prices has eaten away at our economy. Point the finger at Stupid People in DC, and greedy companys looking for huge profits using slave labour and you now have the 2nd fall without capable elected Presedent to help you. You put a bastard in power, lick your wounds and eat your losses! I voted American! 52% of you did not! I wonder how many votes were illegals? Arlyn
ken
I purchases several thousand shares of leh days before the bankruptcy filing based on a press release of mr. fuld that indicated that they had well reserved for losses in market value of their assets,and they were well positioned. With the Sarbanes Act the SEC should be all over the CEO and CFO with both civil and criminal actions. Mr. fuld cannot in clear conscience say he just discovered leh”s problems in sept. 08 with the book net worth in the $26b range.
shirley
I had funds invested in LB like many, many other folks. I would like to join a class action law suite too.
Lynn
I agree that Dick Fuld needs to go to jail, but make sure I get my money back first. I too lost $55,000 on a corporate bond. I will join any class action suit against Lehman Bros.. I was told that the company was stable and had been in business for over 100 years. I was re-assured by my broker that the company was rock solid a week prior to the bankruptcy and that only the stock holders would be affected. Does anyone have any idea if this class action suit has been filed and if not how do we go about getting it started?
Mary
We are elderly and Ed Jones placed 20K of our retirement money with Lehman Bros. When we heard the news, we called them and they said to hold on to the end. Their main office kept telling the agents to advise their clients about this. please let us know if there is a class action lawsuit against Lehman Bros.
Dan
My mom, 84, put $30,000 into Lehman bonds set to mature in 2013. It’s now worth peanuts. Someone has to pay for this negligence, mismanagement and malfeasance through a class-action suit, whether against Lehman or the brokerage house soliciting these bonds. A lot of people here have been burned and understandably want to get on board to recoup their money, but I haven’t seen any concrete lawsuit information.
Pat
My 96-year-old father worked at a blue collar job all his life and invested a large amount of his life savings in a Lehman Brothers bond, wanting a fixed income, guaranteed principal, and an automatic “transfer on death” to his daughters to avoid probate. My sisters and I don’t know how to help him try to recoup his money.
Carl
I too purchased a $50,000 Lehman Brothers Holdings bond in December 04. This was sold as a safe investment that would pay 5.6%. I began to question my investment company when I noticed a dropping trend line in this bond value. I was repeatedly re-assured Lehman Brothers was rock solid and to stay the course. As referenced many times above, the course has ended. I am told we will recover some significant amount but no one is willing to give any solid information. Currently, it appears the class action legal path is the only one to take.
James
I had 50 k invested in their preferred stock and bonds bought through another financial firm and certainly thought it to be investment grade. I hope fuld and others go to jail (they won’t) but i would rather have my monet back.
camille
I purchased $50,000 worth of Lehman Preferred Series “J”in February, 2008 and 6 months later they were worthless. I would like to join this class action lawsuit. Incidentally, In March, 2008, I understand Dick Fuld was awarded a bonus worth millions of dollars . Is there something wrong with this picture?
mike
had 600 shares of preferred stock, which is now worthless. it was part of my retirement portfolio,which has been hard hit by the collapse. i’ll join a class action suit to get my money back and justice.
Jim
I invested in preferred notes several years ago. Would have sold my holding is I had known of Lehman Bros financial problems. Invested $15,000. now worth less that $1.
Tony D.
My broker Smith Barney purchased 18,000 .00 worth of Leman Brothers common stock said it was a good investment great firm. Ha!!! I’m now out 18,000.00. I guess that’s how Smith Barney earns money they steal yours. If ever a class action suit please get in touch with me I’ll lead the charge to the court house.
Lehman Brothers Lawsuit to be Filed by California County : AboutLawsuits.com
[…] month, a Lehman Brothers class action lawsuit was filed against the former executives and other firms who underwrote a offering of Lehman […]
Ibrahim
Standard Chartered Bank, Dubai also gave me misleading information about lehman perptual 6.9% XS0301813522 only couple of months before the bankruptcy while they gave me a term sheet showing INvestment grade for this particular bond and convinced me to invest nearly leveraged- US$ 300,000 in this bond, now they claim the leverage amount, can any one advise what can i do? this bond is issued by Lehman Uk Cap FD, is there any news about the liquidation and any amount could be recovered?
ddavid
My broker said Lehman was a good investment rated A+ or better. Never even received an interest check on my investment. I lost 60,000 and I’m 68 years old. It just devastated me. I too would like to know who has class action going. Actually the RATING AGENCIES should be sued. Had they rated the bonds properly, few would have bought the bonds.
EDWARD
i purchaseD 10000$ OF LEHMAN BROS HOLDINGS 6.5 5 PFDS ON OCT 18 2007. UBS BROKER SAID IT WAS A RATED.. THEY DIDNT DO DUE DILIGENCE IN SELLING THIS TO ME.. NOW WORTHLESS.. I AM 90 AND NEED THESE FUNDS .. WHAT CLASS ACTIONS ARE BEING PU RSUED.. BY THE TIME THEY ARE SETTLED.. I WILL BE LONG GONE..
J.Angelillio
I lost am anothe casulaty when Lehman Bros. went belly up….I had preffered stock, in my retirement account. I want justice……this really hurts for me and fellow investors when you believed the company was sound from Moody’s and our respected advisers…If there isn’t alwsuit in process for preffered…let band together and crerate one…..
Mel
Why just file against Series J? I have Preferred Series K 6.375% and the Preferred 6 %. I was told they were investment grade A rated.
lawrence
I would like to be included in any class action law suit against Lehman Brothers. i purchased corporate bonds in the amt. of approx. $100,000. I am 67 years old and retired – there goes 1/3 of my retirement. HELP!
Gina
Can the terminated employees of Lehman Brothers, who was let go a week before the bankruptcy filing, be allowed to file a lawsuit against Dick Fuld and LBHI? We were promised to be paid a substantial severance package including medical benefits until June, 2009. Within a week of signing the separation contract, a letter was sent to our homes informing us that LBHI and Barclays would not honor agreement. So now, with my savings exhausted and no salary to speak of, I am forced to apply for Medicaid and Food Stamps to survive.
milan
I would like to pursue a lawsuit of Lehman management. I have short sold stock in May, Lehman claim was fraudulent and I have lost over $42K.
Angela
Does anyone know if Preferred C Class shares fall in the same category as the J Class? I was advised to buy in April 08 and have lost over 50K. I would be very interested in being part of a class action suit with other holders of C Class shares.
lee ann
I too was advised to buy Bonds in this good rated company Lehman bros. Yes …someone sure made alot of money off all of us. I can not believe I lost all my retirement savings. What will we do now? This is not right for all those brokers to advise us to buy from a company that was in trouble…….I am sick sick sick !!!!!! how can you do this to people? You stole our money.
elise
i would like to know how i can get my money back with interest. where is it written that CEO’s need to make so much money , money that is taken by shareholders….. CEO’s make millions of dollars, have estates, cars, with our monies.. i want my money back !!
James
I put my 92 year old mothers life savings in AAbonds. Thinking I was investing in a sound investment. I want other people to join me in a Class action suite.Please respond if you wish to join me.We can’t let these bastards get away with our money.
andrew
Yes i also bought prefered stocks ( lehman bros) in the amount of 50,000.00 thru a financial services firm, on their sound advice that this was a safe investment and now the shares are worthless. Someone is lying or very incompetent. I am retired and was depending on the interest . I am now seeking law firms who file for class action suits.
Elsie
To all of the people who have posted comments on this site, I too am very intrested in joing a class action lawsuit against LB. I am an eldery women who needed the intrest of my Lehman Brothers Corporate Bonds to live on and pay all of my bills, I just cant believe what has happed, I am in a state of shock and am looking for any advise possible to take serious action against LB.
James
I too bought Lehman on what I thought was sound advice, albeit, it was only $6000.00 worth of stock ) worthless now. Does anyone know of a class action suit. Why not take Dick Fuld’s Millions and pay us back!
Eric
add me to the list of potential investors suing: $17,000,000 Lehman Bros. Holdings notes: I put in $100K in Jan ’08, today said to be worth $10K.
fred
IN DECEMBER I BOUGHT $25,000. WORTH OF LEMAN BROS BONDS FROM FIDELITY INVESTMENTS. THE BONDS WERE RATED A BY MOODYS AND THE S&P RATING COMPANIES. SEEMS TO ME THEY EITHER LIED, OR ARE INCOMPETANT. I AM CURRENTLYR ALL OF IN THE PROCESS OF MOVING MY ACCOUNT FROM FIDELITY.
Christina
WHen I went to buy stocks about a month before they went bankrupt people were buying. It was $16.00 a share.How can they reccomend a purchase right before a crash. Someone is lying. I am a single parent and this was my sons money.
Paul
There is evidence outside the U.S. that puts the Lehman Brothers problem and its link to GS [Goldman Sachs] into a completely different perspective. It could thus help Lehman Shareholders recover their losses, particularly those contemplating a lawsuit. I’m American and an oversea victim of the Wall Street Collapse. In my situation I can only issue a Warrant of Arrest against the Secretary of the Treasury.
jh christie
how about the Lehman Bros Cap Trust V PFD Secs Ser M 6% — are they included in any class action?
Pam
I too had invested in Lehman stock. It went from $32000 down to $1600 when I cashed out. I have another 100 shares worth a whopping $14. I have suffered greatly as others and wonder why Lehman was not bailed out as others. What is the government going to do for all of our losses on stock devaluation?
GWBMAD
On recommendation of Millenium BCP in Portugal I invested a high amount in Lehman bonds (ISIN) XS0301813522, with the argument that this was a safe investment without an risk. I am now seeking for law firms who file for class action suits. Any advice?
celia
Does anyone know if bonds are included in this class action or is there a different class action againts LB …also, is there any blog o list of people involved ?
leslie
I too would like to know if anyone knows of a lawsuit for share holders who had common shock?
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