California Real Estate Fraud Report

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CalPERS Sues Lehman Brothers, Alleging Fraud

The California Public Employees’ Retirement System, aka CalPERS, has filed suit against Lehman Bros. Holdings Inc., its top executives and bond underwriters of defrauding the $229 billion pension funds by failing to disclose that Lehman funded risky investments that through heavy borrowing from 2004-2007.

CalPERS is the largest public employees pension plan in the nation. When Lehman Bros. filed for bankruptcy protection in 2008, CalPERS owned 3.9 million shares of Lehman common stock and about $700 million worth of Lehman bonds.

Named as defendants in the lawsuit are Chief Executive Richard S. Fuld Jr., Citigroup Global Markets Inc., Mellon Financial Markets and Wells Fargo Securities.

Read the original article in the Los Angeles Times.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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