A recent NY Times article chronicles the findings of the court appointed bankruptcy examiner. The report indicates accounting firms, law firms as well as Lehman itself may have been complicit in hiding the firm’s true financial condition from investors and regulators.
The bankruptcy of Lehman Brothers in September, 2008, wiped out the investments of thousands of individual and institutional investors. The fallout has been particularly hard on individuals who were sold Lehman related debt in the form of structured notes such as UBS Principal Protected and Partially Principal Protected Notes.
What the Securities & Exchange Commission (SEC) and the Department of Justice intend to do about the alleged balance sheet remains to be seen. However, if you have lost money in a Lehman Brothers debt and don’t feel the risk was fully disclosed by your broker or financial advisor, please contact our office for a free case evaluation. Thank you.