New Jersey Sues Lehman Execs For Fraud To Recoup State Funds

AP:

New Jersey is suing executives and board members of bankrupt Lehman Brothers Holdings Inc., claiming they solicited the state to buy stock in the investment bank knowing it was in dire financial condition because of the collapsing housing market.

The state is also suing Lehman's longtime accountants, Ernst & Young, claiming the firm made misrepresentations that led the state to lose more than $100 million.

Read the whole story: AP