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Lehman May 20

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    San Mateo, California

  1. County Reaches $6.5M Settlement With Lehman Brothers Auditors

    May 19, 2015 | The Daily Journal

    The county of San Mateo and other California public entities reached a $6.5 million settlement with Lehman Brothers auditors Ernst & Young, which concludes its legal efforts to recoup its losses from the 2008 Lehman bankruptcy. San Mateo County will receive about 70 percent of the settlement and will share the remainder with the...

    2. Dick Fuld

  2. A 'Villain' Of The Financial Crisis Is Trying To Make A Comeback, And Wall Street Can Hardly Believe It

    May 20, 2015 | Business Insider

    By Jonathan Marino & Linette Lopez

    Next week at a conference in New York, Dick Fuld will make his first public comments since the financial crisis, and if you ask some Wall Streeters, the fact he is out and about is almost beyond belief. “He’s a villain,” one hedge-fund professional said. “For real, what a joke.” You’ll recall that Fuld was the CEO of Lehman Brothers when the now...

    3. Agasti Holding

  3. Brief-Agasti Holding Progress In Settlement Process Of Lehman Cases In Sweden

    May 20, 2015 | Reuters

    Acta Kapitalforvaltning AS, a subsidiary of Agasti Holding ASA, has decided to settle with a group of plaintiffs in Sweden who following the bankruptcy of Lehman Brothers in 2008 brought legal action against the company. Of the remaining 396 lawsuits, 94 pct have accepted a settlement proposal within the amounts that...

    4. Full Text of Stories Below

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    San Mateo, California

  1. County Reaches $6.5M Settlement With Lehman Brothers Auditors

    May 19, 2015 | The Daily Journal

    The county of San Mateo and other California public entities reached a $6.5 million settlement with Lehman Brothers auditors Ernst & Young, which concludes its legal efforts to recoup its losses from the 2008 Lehman bankruptcy.

    San Mateo County will receive about 70 percent of the settlement and will share the remainder with the cities of Auburn, Burbank, San Buenaventura and the Contra Costa Water District, the Monterey County Investment Pool, the San Mateo County Investment Pool, the Vallejo Sanitation and Flood Control District and Zenith Insurance Company, according to San Mateo County Counsel John Beiers.

    Lehman’s failure spelled a $155 million loss to the county’s investment pool which held funds for the county, school districts, special districts and other public agencies in over 1,050 different accounts. The county’s investment pool ultimately recovered more than $71 million — or 46 percent of losses — through bankruptcy proceedings and litigation against Lehman Brothers’ directors and officers and Lehman’s auditors, Ernst & Young.

    In November 2013, county officials had announced a $5.2 million settlement with the former officers and directors of Lehman Brothers through a lawsuit filed after the Wall Street firm’s bankruptcy in the midst of the nation’s economic collapse leeched more than $155 million from the local investment pool. Unlike bankruptcy proceedings, the county’s litigation targeted the personal assets of specific executives like former CEO Richard Fuld, holding them responsible for the firm’s financial failure. That lawsuit claimed Lehman executives knowingly misled investors leading up to its bankruptcy and used accounting gimmicks to keep entities from selling before the entire firm collapsed in September 2008.

    County officials credited the financial recovery to the hard work of the Treasurer’s Office, the law firm of Cotchett, Pitre & McCarthy which represented the county, and the County Counsel’s Office who worked together to develop the county’s legal strategy widely considered novel at the time...

    For full story:

    http://www.smdailyjournal.com/articles/lnews/2015-05-19/county-reaches-65m-settlement-with-lehman-brothers-auditors/1776425143551.html

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    2. Dick Fuld

  2. A 'Villain' Of The Financial Crisis Is Trying To Make A Comeback, And Wall Street Can Hardly Believe It

    May 20, 2015 | Business Insider

    By Jonathan Marino & Linette Lopez

    Next week at a conference in New York, Dick Fuld will make his first public comments since the financial crisis, and if you ask some Wall Streeters, the fact he is out and about is almost beyond belief.

    “He’s a villain,” one hedge-fund professional said. “For real, what a joke.”

    You’ll recall that Fuld was the CEO of Lehman Brothers when the now defunct financial firm went bankrupt in 2008.

    Now his name is virtually synonymous with the hubris that preceded the financial crisis and the chaotic years that followed.

    That said, people have made comebacks on Wall Street before. Michael Milken, the storied rainmaker of the junk-bond firm Drexel Burnham Lambert, ran afoul of the law 25 years ago and is now a philanthropist and thought leader on the Street.

    So the comebacks can happen. Business Insider spoke to several industry professionals to gather their sentiment on Fuld and to see whether he might pass muster, and maybe even find work on Wall Street again.

    Here’s what they said: “He’s been on the street since the 1960s,” said one longtime industry analyst. “He can start some small hedge fund, managing friends’ and family money … In terms of [working for] a major firm, those days are over.” Another Wall Street source, who worked with Fuld during the crisis, said Fuld felt like a victim of faulty information from his lieutenants: “He feels he was misled by a number of people.” One longtime Wall Street analyst dismissed this: “It’s his job to be able to assess the information coming in. Any suggestion that Lehman’s failure is on his lieutenants still leaves him open to the criticism he doesn’t know how to manage.”...

    For full story:

    www.businessinsider.com.au/wall-street-on-the-return-of-dick-fuld-2015-5

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    3. Agasti Holding

  3. Brief-Agasti Holding Progress In Settlement Process Of Lehman Cases In Sweden

    May 20, 2015 | Reuters

    Acta Kapitalforvaltning AS, a subsidiary of Agasti Holding ASA, has decided to settle with a group of plaintiffs in Sweden who following the bankruptcy of Lehman Brothers in 2008 brought legal action against the company

    * Of the remaining 396 lawsuits, 94 pct have accepted a settlement proposal within the amounts that the Group has made provisions for relating to these matter...

    For full story:

    http://www.reuters.com/article/2015/05/20/idUSASM000A4A20150520


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    4. Full Text of Stories Below

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