Lehman Brothers/UBS Class Action Lawsuit
Girard Gibbs LLP represents investors who purchased certain Lehman Brothers structured products (including "principal-protection notes") in a class action lawsuit against UBS Financial Services, Inc. and Lehman Brothers' directors and officers.
The lawsuit alleges that UBS violated federal securities laws by selling structured products, despite knowing that Lehman's ability to meet these obligations was highly questionable due to its worsening financial condition. The lawsuit also alleges that UBS's offering documents for "principal protection notes" were false and misleading because they did not adequately disclose that "principal protection" depended upon the solvency of Lehman Brothers.
Lehman/ UBS Lawsuits: Background
A number of lawsuits surrounding Lehman Brothers’ bankruptcy and claims by other types of Lehman investors were filed and eventually coordinated before Judge Lewis Kaplan of the Southern District of New York and titled In re Lehman Brothers Securities and ERISA Litigation.
As part of the coordination process, the Court appointed Daniel Girard, managing partner of Girard Gibbs, as a member of the Plaintiffs’ Executive Committee, responsible for coordinating pretrial activities and representing plaintiffs’ interests before the Court.
Current Case Status
Settlements Reached with Former Lehman Directors and Officers and Underwriter Defendants
A proposed $90 million settlement has been reached to settle claims against some of the defendants in the case, specifically Lehman’s former directors and officers. This settlement is designed to benefit proposed class members who purchased qualifying principal protection notes and other Lehman-issued structured products, but does not affect the case against UBS.
Another proposed settlement for $417 million has been reached to resolve claims against several underwriter defendants other than UBS Financial Services. That settlement has no bearing on investors in Lehman-issued structured products or the case against UBS.
Both settlements are currently pending approval by the Court.
Proposed Settlement Reached with UBS
We have reached a proposed $120 million settlement with UBS Financial Services, Inc. This settlement is subject to the approval of the Court presiding over the action. On September 16, 2013, the Honorable Lewis A. Kaplan of the Southern District of New York issued an order authorizing our firm to mail notice of the settlement and preliminarily certifying a settlement class. The preliminarily certified settlement class includes all persons and entities that bought or otherwise acquired any of the Lehman-issued structured products listed in this chart and who were damaged thereby.
What Happens Next?
The Claims Administrator for the settlement is currently preparing Notice Packets that will be sent to individuals and entities who are believed to be members of the proposed settlement class. The Notice Packet will include detailed information about the settlement as well as a Claim Form. You must fill out and submit a Claim Form to be eligible to receive a distribution from the settlement. If you do not receive a Notice Packet by October 14, 2013, and believe you should have, please feel free to contact us at LehmanSPSettlement@girardgibbs.com or (866) 981-4800.
A hearing to consider final approval of the settlement will be held on December 10, 2013, at 4:30 p.m.
Questions about the Lehman/ UBS Class Action Lawsuit?
If you have any questions about the case, please call (866) 981-4800 or fill out the form to the right to receive email updates about the progress of the case.
Why Girard Gibbs?
Girard Gibbs represents consumers, investors, employees, and businesses in cases involving consumer protection, personal injury, securities, antitrust, employment litigation and arbitration. The firm’s senior partners, Daniel Girard and Eric Gibbs, have been selected for inclusion in The Best Lawyers in America® 2012 and Northern California Super Lawyers, and have earned AV-Preeminent ratings from Martindale-Hubbell, recognizing them in the highest class of attorneys for professional ethics and legal skills.