Lehman Brothers obtains dismissal of New Jersey securities class action
Clients Lehman Brothers Inc.
Jones Day obtained dismissals of the complaint and two subsequent amended complaints against Lehman Brothers, The Balcor Company, American Express Company, and the thirteen defendant limited partnerships. Plaintiffs in this billion dollar putative, nation-wide class action alleged common law fraud, violations of various states' securities laws, and negligent misrepresentation in connection with the sale of interests in real estate limited partnerships offered by defendants. Specifically, plaintiffs alleged that defendants acquired properties for the partnerships at inflated prices and made projections regarding the partnerships' supposed targeted rates of return that they knew to be unattainable.
Bruss v. Lehman Brothers (Sup. Ct. N.J., Appellate Division)