Southern District Judge Lewis Kaplan (See Profile) 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 In re: Lehman Brothers Securities and ERISA Litigation, 09 MD 2017(LAK), a highly unusual ruling on May 3, Kaplan ordered that the former Lehman CEO and four other former top Lehman officials hand over to him detailed information about their finances. The judge is concerned that the settlement, as it now 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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