March 18, 2016
The Second Circuit on Friday declined to revive an Employee Retirement Income Security Act class action brought by former Lehman Brothers employees alleging their benefits plan should have dumped the bank's stock before it failed, ruling the employees can't prove a breach of fiduciary duty even under new standards.
January 14, 2016
A class of former Lehman Brothers employees who lost some of their retirement savings when the bank collapsed in 2008 pressed the Second Circuit on Thursday to revive a suit alleging their benefits plan should have dumped its "disastrous" Lehman stock as the financial crisis unfolded.