A federal district court judge in Manhattan dismissed an unusual case brought on behalf of investors in the Lehman Brothers Savings Plan, a 401(k) plan for Lehman Brothers Inc. employees that collapsed in value during the financial crisis.
In a ruling on December 3, U.S. District Judge Lewis Kaplan dismissed claims that Fidelity Management Trust Co., the plan’s trustee, improperly failed to sue Lehman auditor Ernst & Young LLP for malpractice. The next day, Kaplan dismissed derivative claims over the plan’s decision not to bring its own malpractice case against E&Y. The rulings are a win for Nicholas Pappas of Weil, Gotshal & Manges, who led the defense of the Lehman Savings Plan fund.
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