San Mateo County Calif., has decided to sue executives at the bankrupt investment firm Lehman Brothers Holdings Inc., claiming they misled investors about the firm’s financial health.
The Board of Supervisors agreed to retain the Burlingame, Calif., law firm Cotchett Pitre & McCarthy to move forward with the suit.
The county’s $2.6 billion investment fund lost roughly $150 million when Lehman Brothers filed for bankruptcy.
County Treasurer Lee Buffington says Lehman executives assured investors they had plenty of money just weeks before going bankrupt.
County officials say they have already filed a claim in bankruptcy court for their portion of Lehman’s estate.
Topics Lawsuits
Was this article valuable?
Here are more articles you may enjoy.
Two Dead at Tampa Office After Man Drove Car into Building and Started Shooting 
Oil Falls as Trump Signals Restraint on Iran Despite Fresh Shipping Attacks 
AIG Steps Back from NPW Growth Target on Pressure in Some Lines 
Insurtech Lemonade Posts $43.7M Loss for Q3 
