In re Lehman Brothers ERISA Litigation, 08-cv-5598 (LAK). Wolf Haldenstein was named interim co-lead counsel for the Class in this ERISA litigation, brought on behalf of participants in the Lehman Brothers Savings Plan (the "Plan"). Plaintiff alleges that the defendants breached their ERISA fiduciary duties by allowing the Plan to buy, hold, and allocate shares of Lehman common stock during the period from September 13, 2006 through the present (the "Class Period").

Plaintiff alleges that Defendants failed to disclose or indicate the following: (i) that the Company had failed to fully disclose the nature and extent of its exposure to losses incurred from trading in subprime mortgage backed derivatives; (ii) that the Company had failed to fully disclose the nature and extent of its exposure to losses incurred from collateralized debt obligations ("CDOs"), and had failed to timely write-down its positions in these securities; (iii) that the Company had failed to fully disclose the nature and extent of its exposure to losses incurred from mortgage backed security originations, and had failed to timely write-down its positions in these securities; (iv) that the Company had materially overvalued its positions in commercial and subprime mortgages, and in securities tied to these mortgages; (v) that the Company had inadequate reserves for its mortgage and credit related exposure; (vi) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); and (vii) that the Company lacked adequate internal and financial controls. As a consequence of those company-specific problems, Lehman Stock was not a prudent means of saving for retirement during the Class Period. When the defects were disclosed to the public, the price of Lehman Stock predictably declined, causing Plan Participants to suffer damages. Lehman Brothers, crippled by the enormity of these problems, has filed for bankruptcy in the largest bankruptcy in U.S. history.

Please contact Wolf Haldenstein attorneys Mark Rifkin or Scott Farrell at telephone number (212) 545-4600 or via e-mail at Rifkin@whafh.com or Farrell@whafh.com with any questions about this case.