Lehman, Nortel, Bank of America, Google in Court News
Business Law
Lehman Brothers Holdings Inc.’s ex- Chief Executive Officer Richard Fuld asked a judge to dismiss a lawsuit accusing him and his colleagues of failing to disclose Repo 105, a financing method allegedly used to conceal billions of dollars of debt, according to court records.
Separately, Ernst & Young LLP, the Lehman auditor, also asked the judge to dismiss the lawsuit in a court filing June 4, saying its work met all applicable professional standards.
The class-action lawsuit, based on a 2,200-page report by Lehman bankruptcy examiner Anton Valukas, was filed April 23 on behalf of retirement funds including the Alameda County Employees’ Retirement Association in Oakland, California, and the Government of Guam Retirement Fund.
The Lehman executives denied in court papers that the investors had lost money on Lehman securities because of misstatements and omissions in offering documents. Lehman’s accounting for Repo 105 transactions conformed to generally accepted accounting principles and was approved by Ernst & Young, they said.
“Plaintiffs’ effort to turn the report into a basis for securities law violations fails,” they said in a filing in federal court in Manhattan.
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