Litigation over the New Jersey pension fund's purchase of $180 million in Lehman stock shortly before the company's bankruptcy filing will stay in federal court. The 3rd Circuit this week refused to hear the state's appeal from removal, basing its ruling on jurisdictional grounds, rather than deciding an open question in the circuit: whether the securities law's prohibition against removal trumps the bankruptcy code, which allows it.
May 21, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Litigation over the New Jersey pension fund’s purchase of $180 million in Lehman Bros. stock shortly before the company’s bankruptcy filing will stay in federal court.
The 3rd U.S. Circuit Court of Appeals refused Monday to hear the state’s appeal from removal. The court based its ruling on jurisdictional grounds, rather than deciding an open question in the circuit — whether the securities law’s prohibition against removal trumps the bankruptcy code, which allows it.
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