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Because Lehman Brothers fileds for bankruptcy protection last the statesaid it’s suing former Lehman Brothers executived and directors, underwriters for the offerings, and , the firm’sx outside auditor. The investment boardc filed the lawsuit in Thurston CountuySuperior Court. In a statement, the boarx alleges “the securities offerings failed todisclose Lehman’s negative returnas on troubled mortgages, including subprime loans, and the true value of its mortgage-relates assets.
In addition, the lawsuit allege that Lehman’s financial statements failedr to comply with applicable accounting standards… The lawsuit alleges violations of federalp and state securities laws, negligent and breach of fiduciary duty.” “We have a fiduciary duty to pursude recovery of these losses. It’s our beliefc that had the defendants been more transparenttand accountable, these losses could have been minimized or even avoided,” said Theresa Whitmarsh, WSIB actint executive director, in a statement.
See a copy of the
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