The UK’s Lothian Pension Fund and the Northern Ireland Local Government Officer Superannuation Committee are getting a quick lesson in the complexities of U.S. securities class actions in today’s changing financial world. IPE reports that lawyers for the two UK pension funds, which are co-lead plaintiffs in the case against now-bankrupt Lehman Bros. concerning mortgage-backed securities, are now sifting through issues such as whether the action will now have to be taken against Barclays Group plc.
One issue is reportedly whether the case can be re-filed against Lehman’s North America investment banking division, which is due to fall under the ownership of the Barclays Capital division once its takeover is completed.
Thomas Dubbs
Thomas Dubbs, partner at Labaton Sucharow, told IPE that “Lothian, as co-lead plaintiff in the action against Lehman Brothers, is actively reviewing its litigation options including proceedings against those entities, including the investment bank, which do not appear to fall under the protection of the bankruptcy proceedings.” He added that “Lothian also intends to rigorously pursue its litigations against the Lehman officers and directors that have been named in the action.”
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