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IN BRIEF / COURTS

Judge Rejects Class Status for Lehman Suit

July 07, 2004

A federal judge ruled that Lehman Bros. Holdings Inc., which was sued by investors for allegedly issuing biased research reports about RealNetworks Inc., does not have to defend the suit as a class action.

The ruling by U.S. District Judge Jed Rakoff of Manhattan means the case will not proceed as a group suit for all RealNetworks investors but only for several named investors.

Rakoff said the investors' lawyers had failed to show that analyst statements had a "measurable impact" on all investors in the market.

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