Less than one month after Southern District Judge Lewis A. Kaplan refused to dismiss most of the giant, three-year-old putative securities class action arising from the failure of Lehman Brothers Holdings Inc., the Lehman directors and officers targeted in the suit have disclosed that they are looking to cut a $90 million deal with the plaintiffs.
Lawyers for the various directors and officers, including former CEO Richard Fuld, filed papers Wednesday in Lehman’s Manhattan federal bankruptcy proceedings, In re Lehman Brothers Holdings, 08-13555, seeking the release of $90 million in insurance funds to settle securities fraud claims pending since June 2008. Also on Wednesday, the same defendants petitioned for the release of another $8.25 million to settle a separate suit brought by the state of New Jersey asserting similar claims.
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