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BUSINESS
May 24, 2006 | From Bloomberg News
Regulators fined Lehman Bros. Holdings Inc. $400,000 for giving incorrect information about bets it made in 2004 that a company's shares would fall. Lehman told the New York Stock Exchange's enforcement arm that it had a "short" position of 26.1 million shares, 40 times its actual bet, NYSE Regulation Inc. said in a statement Tuesday. Lehman said in May 2004 that the stock shorted was Viacom Inc. Lehman declined to comment Tuesday.
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BUSINESS
February 25, 2009 | Times Wire Reports
Lehman Bros. Holdings Inc. said it planned to spin off its venture capital unit to an investment group that would include managers of the business for an undisclosed price. Lehman said the venture capital operation would be renamed Tenaya Capital. The business, with $750 million under management, will be taken over by a group of managers and Boston-based private equity firm HarbourVest Partners. Thomas Banahan, former managing director of Lehman's venture business, will head the new unit.
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BUSINESS
September 22, 1994 | From Times Staff and Wire Reports
Lehman Bros. Earnings Tumble: In what may signal a round of bad earnings reports from Wall Street firms suffering their worst slump in four years, Lehman Bros. Holdings Inc. reported a 80% fall in third-quarter earnings, to $22 million, or 10 cents a share. The firm posted $112 million in earnings in the year-earlier quarter when it was still owned by American Express Co. The quarter ended Aug. 31, while the year-ago quarter ended Sept. 30.
BUSINESS
October 21, 2008 | Dawn C. Chmielewski, Chmielewski is a Times staff writer.
The Walt Disney Co. on Monday joined a growing number of Lehman Bros. Holdings Inc. creditors to demand an investigation into the actions of the bank's officers and directors in the days before its collapse. In a filing in U.S. Bankruptcy Court, the Burbank entertainment giant said that the conduct of the investment bank after its Sept. 15 bankruptcy filing "gives rise to many important questions" about what happened to the bank's cash and the conduct of its independent officers and directors.
BUSINESS
November 15, 2002 | From Reuters
Ex-Lehman Bros. Holdings Inc. stockbroker Frank Gruttadauria was sentenced to seven years in prison for stealing from his customers and overstating their accounts by $277 million. At the sentencing before U.S. District Judge John Manos, Gruttadauria, who worked at Lehman and SG Cowen Securities in Cleveland, apologized to the scores of investors from whom he stole $50 million. He had lied that their worthless stock portfolios were worth millions of dollars.
BUSINESS
July 7, 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.
BUSINESS
April 18, 2000 | Reuters
Lehman Bros. Holdings Inc. said David Goldfarb will replace John Cecil as chief financial officer. Goldfarb, who has served the company for six years, most recently as controller and CFO of the firm's broker-dealer unit Lehman Bros., will also become a member of the operating committee and report directly to Richard Fuld, chairman and chief executive, Lehman said.
BUSINESS
March 5, 2005 | From Bloomberg News
Lehman Bros. Holdings Inc., UBS, Goldman Sachs Group and Credit Suisse Group agreed to pay investors $100.3 million to settle claims that the banks helped issue WorldCom Inc. bonds when they should have known the company's finances were deteriorating. The settlement was reached with New York Comptroller Alan Hevesi, the trustee for the New York State Common Retirement fund, lead plaintiff in the case. Citigroup Inc. reached a $2.6-billion settlement with WorldCom investors in May.
BUSINESS
April 6, 1994 | From Times Staff and Wire Reports
American Express Co. Spins Off Brokerage: Lehman Bros. Holdings Inc. detailed its $3.3-billion spinoff, which will create the nation's third-largest brokerage firm. Under the plan, American Express stockholders will receive one-fifth of one share of Lehman's common stock for each Amex common share they hold. American Express said in January it was spinning off the brokerage house in a bid to focus on its core travel and information services businesses.
BUSINESS
February 25, 2009 | Times Wire Reports
Lehman Bros. Holdings Inc. said it planned to spin off its venture capital unit to an investment group that would include managers of the business for an undisclosed price. Lehman said the venture capital operation would be renamed Tenaya Capital. The business, with $750 million under management, will be taken over by a group of managers and Boston-based private equity firm HarbourVest Partners. Thomas Banahan, former managing director of Lehman's venture business, will head the new unit.
BUSINESS
December 14, 2007 | From Bloomberg News
Lehman Bros. Holdings Inc., the largest U.S. underwriter of mortgage-backed bonds, said Thursday that fiscal fourth-quarter earnings fell and losses from the collapse of the sub-prime mortgage market would probably extend into next year. But the brokerage's profit exceeded analysts' estimates. Diversification helped: Revenue from trading stocks more than doubled, and Lehman's investment in hedge fund GLG Partners also boosted results.
BUSINESS
September 19, 2007 | Walter Hamilton, Times Staff Writer
new york -- The mortgage crisis and credit crunch took a bite out of Lehman Bros. Holdings Inc.'s results for its latest quarter, but the company's profit fell only 3%, easing concern that market upheaval would exact a brutal toll on Wall Street investment banks. Lehman, the first of several banks to report results for the fiscal quarter ended Aug. 31, sought to allay concerns that investment banks might be moving too slowly to write off potentially large amounts of troubled mortgage securities.
BUSINESS
September 7, 2007 | From Times Wire Services
Lehman Bros. Holdings Inc. and National City Corp. announced plans Thursday to lay off a combined 2,150 workers, the latest in a flurry of job losses in the mortgage industry. Lehman said it would cut 850 employees, or 3% of its workforce, resulting in a $20-million after-tax charge against earnings. The move came two weeks after the Wall Street investment bank decided to close its Irvine-based BNC Mortgage sub-prime unit, resulting in 1,200 layoffs. National City, the ninth-largest U.S.
BUSINESS
June 13, 2007 | From Times Wire Services
Lehman Bros. Holdings Inc., the nation's fourth-largest investment bank, said Tuesday that robust stock trading and corporate buyouts pushed second-quarter profit up 27% in what may be a harbinger for other brokerage earnings due this week.
BUSINESS
June 1, 2007 | From Times Wire Reports
Lehman Bros. Holdings Inc. plans a $500-million initial public offering of a private-equity fund next month, even after similar pools struggled to return investors' money. The fund, which New York-based Lehman plans to begin marketing June 6, will invest with outside private-equity managers, said two people with direct knowledge of the plans. Shares of Lehman Brothers Private Equity Partners will be listed on Euronext Amsterdam, said the people, who declined to be identified.
BUSINESS
February 27, 2007 | From Reuters and Bloomberg News
It's time to pick up the pieces after the four-month rout in the riskiest sub-prime mortgage-backed bonds, a big Wall Street investment bank told clients over the weekend. But that failed to stop the decline in securities indexes tied to the high-risk mortgages Monday. Shares of many sub-prime lenders also continued to fall. Lehman Bros. Holdings Inc. said clients that had bet on rising sub-prime loan defaults and plunging prices for bonds backed by the loans should book their profit.
BUSINESS
September 26, 2001 | Reuters
Lehman Bros. Holdings Inc. said profit fell 32% in the third quarter to $309 million, or $1.14 a share, as strong bond operations failed to offset a decline in investment banking and stock trading revenue. The results exceeded the $1.08-a-share average estimate of analysts polled by Thomson Financial/First Call. The firm, which was forced out of its lower Manhattan headquarters because of the Sept. 11 terrorist attacks, said insurance will cover related expenses.
BUSINESS
December 7, 2006 | From Bloomberg News
Lehman Brothers Holdings Inc., the fourth-largest U.S. securities firm, said it would pay Chairman and Chief Executive Richard Fuld an extra $188 million over the next 10 years. Fuld was awarded grants a decade ago for about 2.5 million shares, which would have been payable if New York-based Lehman was sold. Instead, the board plans to give Fuld 10 annual installments of 246,395 shares starting next year provided that he stays at the company, according to a regulatory filing dated Dec. 1.
BUSINESS
May 24, 2006 | From Bloomberg News
Regulators fined Lehman Bros. Holdings Inc. $400,000 for giving incorrect information about bets it made in 2004 that a company's shares would fall. Lehman told the New York Stock Exchange's enforcement arm that it had a "short" position of 26.1 million shares, 40 times its actual bet, NYSE Regulation Inc. said in a statement Tuesday. Lehman said in May 2004 that the stock shorted was Viacom Inc. Lehman declined to comment Tuesday.
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