Another federal judge is giving special scrutiny to a settlement that once might have been easily approved. This time, U.S. District Judge Lewis Kaplan wants to know how much money Richard Fuld has before he’ll decide whether to approve a $90 million proposed settlement with Lehman Brothers shareholders.
In a highly unusual ruling last week, the New York judge ordered the former Lehman CEO and four other former top Lehman officials to hand over to him detailed information about their finances. Kaplan is concerned that the settlement, as it currently stands, would be covered by director and officer policies, and would not require the defendants to pay anything out of their own pockets.
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