Carter Ledyard & Milburn has won dismissal of a malpractice suit by a client alleging the firm mishandled his wrongful termination action against Lehman Bros. A New York judge found that the plaintiff had not successfully alleged the firm caused him any losses.
Combined with a previously reported $90 million deal with Lehman directors and officers, a proposed settlement with a slew of underwriters would bring plaintiffs’ combined recoveries to $507 million. Next up for co-counsel at Bernstein Litowitz and Kessler Topaz? Claims against UBS and Ernst & Young.
In the Lehman Brothers bankruptcy case, a federal judge has granted motions to dismiss an ERISA class action for good, concluding that the plaintiffs still hadn’t shown that the defendants should be held responsible for losses suffered by participants in Lehman’s retirement plan.
After two years, a barely fathomable volume of briefing, a 34-day bench trial, countless hearings, and more than $55 million spent on top-shelf legal muscle from Jones Day, the Lehman Brothers estate ended its multibillion-dollar litigation against Barclays on Wednesday with a single paragraph.
A federal bankruptcy judge has rejected as “wishful thinking” Lehman Brothers’ claim to $500 million in bonus money that Barclays allegedly never paid Lehman’s former employees. The decision is the cherry on top of Boies Schiller’s victory for Barclays over even bigger Lehman claims earlier this year.