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Investor in Lehman sues banks

September 27, 2008|From Times Wire Services

Bank of America Corp., Citigroup Inc. and other underwriters were accused in a lawsuit of misleading investors in a $1.9-billion offering of Lehman Bros. Holdings Inc. securities in February.

The suit, filed in Manhattan federal court by Fogel Capital Management, also names Merrill Lynch & Co., a UBS AG unit and Lehman executives. Fogel Capital, which seeks class-action status and unspecified damages, said Lehman didn't disclose that it failed to set aside enough to cover losses on securities backed by subprime mortgages.

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