Despite earlier concerns, Southern District Judge Lewis Kaplan on May 24 approved a $90 million settlement of shareholder claims against Lehman’s former officers and directors that will be covered entirely by directors and officers insurance.
Kaplan (See Profile) had questioned the fact that the defendants wouldn’t be paying anything out of their own pockets, even though this is the norm for directors and officers in shareholder litigation. In an unusual May 3 order, Kaplan ordered former Lehman CEO Richard Fuld and four other former top Lehman officials to hand over to him detailed information about their finances (NYLJ, May 8). After reviewing this information, Kaplan concluded that the settlement is fair, reasonable, and adequate.
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