Lehman, Nortel, Bank of America, Google in Court News
Business Law
Lehman Brothers Holdings Inc.’s ex- Chief Executive Officer Richard Fuld asked a judge to dismiss a lawsuit accusing him and his colleagues of failing to disclose Repo 105, a financing method allegedly used to conceal billions of dollars of debt, according to court records.
Separately, Ernst & Young LLP, the Lehman auditor, also asked the judge to dismiss the lawsuit in a court filing June 4, saying its work met all applicable professional standards.
The class-action lawsuit, based on a 2,200-page report by Lehman bankruptcy examiner Anton Valukas, was filed April 23 on behalf of retirement funds including the Alameda County Employees’ Retirement Association in Oakland, California, and the Government of Guam Retirement Fund.
The Lehman executives denied in court papers that the investors had lost money on Lehman securities because of misstatements and omissions in offering documents. Lehman’s accounting for Repo 105 transactions conformed to generally accepted accounting principles and was approved by Ernst & Young, they said.
“Plaintiffs’ effort to turn the report into a basis for securities law violations fails,” they said in a filing in federal court in Manhattan.
Related listings
-
Cleanup Costs and Lawsuits Rattle BP’s Investors
Business Law 06/04/2010BP shareholders are fleeing the company’s stock amid growing uncertainty about the ultimate bill for cleanup costs, lawsuits, fines and damage to the oil giant’s reputation. BP’s shares fell an additional 15 percent on Tuesday, as investors reacted t...
-
Microsoft Says Salesforce.com Infringes Patents
Business Law 05/19/2010Microsoft Corp. sued Salesforce.com Inc. yesterday, accusing the company of infringing nine patents for ways to make software more efficient.The complaint targets the customer-relationship management software that is the hallmark of Salesforce.com’s ...
-
Movie Gallery plans to close all stores, liquidate
Business Law 05/11/2010Movie Gallery Inc., the owner of struggling movie rental chain Hollywood Video, is planning to close its remaining stores and liquidate as consumers are increasingly get movies through the mail, vending machines and high-speed Internet connections.Th...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.