Welcome to the Lehman Brothers Equity/Debt
Securities Litigation - EY Settlement Website
A proposed settlement has been reached in the In re Lehman Brothers Equity/Debt Securities Litigation (the “Action”) by the Court-appointed Class Representative in the Action Oklahoma Fire Fighters Pension and Retirement System and the Court-appointed Lead Plaintiffs in the Action, Alameda County Employees’ Retirement Association, Government of Guam Retirement Fund, Northern Ireland Local Government Officers’ Superannuation Committee, City of Edinburgh Council as Administering Authority of the Lothian Pension Fund, and Operating Engineers Local 3 Trust Fund, with defendant Ernst & Young LLP (“EY”) for $99,000,000 in cash (the “EY Settlement”). The proposed settlement is subject to Court approval.
Please Note: If you previously submitted a valid Claim Form in connection with the prior settlements in this Action with certain Lehman Directors and Officers (the “D&O Settlement”) and with certain Underwriter Defendants (the “UW Settlements”), under the terms of the EY Settlement, you are automatically deemed an eligible claimant with respect to the transactions in the Lehman securities covered by your previously submitted Claim Form, so as long as your approved transactions calculate to an Overall Recognized Claim under the Plan of Allocation for the EY Settlement. Therefore, if you previously submitted a valid Claim Form in connection with the D&O or UW Settlements, you do not need to do anything further at this time to participate in the EY Settlement. If you are unsure about whether you submitted a valid Claim Form in connection with the D&O or UW Settlements please call (888) 499-2911.
If you did not submit a valid Claim Form in connection with the D&O or UW Settlements, you must submit a claim form now in order to be potentially eligible to participate in the EY Settlement. Detailed instructions for completing the Claim Form are included in the Notice Packet. Each part of the Claim Form must be completed and properly documented to be considered eligible. Appropriate documentation to support each transaction and holdings includes brokerage statements or confirmation slips. A listing of acceptable forms of supporting documentation for transactions and holdings can be found at www.gcginc.com by selecting Filing Tips under Cases.
Please note that the information provided herein only pertains to the EY Settlement and the prior D&O and UW Settlements. If you submitted a claim form exclusively in connection with the settlement reached with UBS Financial Services, Inc. (the “SNP Settlement”), you must submit a new Claim Form now in order to be potentially eligible to participate in the EY Settlement. For information on the SNP Settlement, please call 888-211-3565 or visit www.LehmanSPSettlement.com.
The following are important dates and deadlines in connection with the proposed settlement with Ernst & Young LLP:
- The Exclusion Filing Deadline was March 25, 2014.
- The Objection Filing Deadline was March 25, 2014.
- The Request Removal from the Excluded List if you are an Individual Action Plaintiff Deadline was March 25, 2014.
- The Notice of Intention to Appear at Hearing Filing Deadline was March 25, 2014.
- The Settlement Fairness Hearing was held on April 16, 2014 at 10:00 am.
- The Claim Filing Deadline was April 17, 2014.
The Action is a class action lawsuit brought by investors alleging that they suffered damages as a result of material misrepresentations and omissions concerning certain aspects of Lehman’s financial results and operations in violation of the federal securities laws by, among others, defendant Ernst & Young LLP.
Plaintiffs and members of the settlement class are represented by the law firms of Bernstein Litowitz Berger & Grossmann LLP and Kessler Topaz Meltzer & Check, LLP, the Court-appointed co-lead counsel in the Action (“Lead Counsel”).
If you are a member of the Settlement Class involved in the proposed settlement (see definition of the Settlement Class by clicking on the “Class Definition” tab on the left of this page) and wish to submit a Claim Form, you can obtain a copy of the Claim Form here. Once again, please note, if you previously submitted a valid Claim Form in connection with the D&O or UW Settlements YOU DO NOT NEED TO DO ANYTHING FURTHER AT THIS TIME TO PARTICIPATE IN THE EY SETTLEMENT.
Please be sure to read the Settlement Notice to fully understand your rights.