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Because Lehman Brothers filedr for bankruptcy protectionlast year, the stats said it’s suing former Lehman Brothers executives and directors, underwriters for the offerings, and , the firm’s outside auditor. The investment boarr filed the lawsuit in Thurston CountySuperior Court. In a statement, the board allege “the securities offerings failed todisclose Lehman’sa negative returns on troubled including subprime loans, and the true value of its mortgage-related assets.
In the lawsuit alleges that Lehman’s financial statements failedc to comply with applicableaccounting standards… The lawsuit allegew violations of federal and state securities laws, negligeny misrepresentation, and breach of fiduciary duty.” “We have a fiduciart duty to pursue recovery of these losses. It’s our beliefv that had the defendants been more transparenttand accountable, these losses could have been minimizerd or even avoided,” said Theresa Whitmarsh, WSIB acting executive in a statement.
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