Lehman Brothers retirees failed to state a plausible claim that executives and directors at the firm breached their fiduciary duties and caused the loss of plaintiffs' retirement savings during the collapse of Lehman stock in the economic meltdown of 2008, the U.S. Court of Appeals for the Second Circuit ruled Monday.
The circuit upheld the dismissal of a suit claiming members of Lehman's Employee Benefit Plans Committee (ESOP) breached their duty by failing to "eliminate or curtail" their investment in Lehman stock as the firm's situation became dire.
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