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Sub prime crisis action brought against Lehman Brothers
13/08/2008
The Northern Ireland Local Government Officer Superannuation Committee has been appointed a plaintiff in a class action against Lehman Brothers, reports IPE, with Lothian Pension Fund co-lead plaintiff.
Millions of dollars were lost by both in the so called sub prime crisis and the case involves the loss of $3.4 million (£1.8 m).
Sub prime is a type of mortgage which is offered to lower income families or those with less credit history, making them "below" the prime demographic to lend money to.
Action brought against Lehman Brothers is linked to losses incurred from the firm's investments in mortgage-backed securities and other investments, IPE claims.
Lothian Pension Fund is involved in several class action cases filed in the US and has agreed to act as lead plaintiff on behalf of a number of other investors who may have lost money.
One of the largest in the UK, the fund has over 170 associated employers and a total scheme membership of 67,461, according to its website.
A class action is a form of lawsuit where a group of people collectively bring a claim to court together.
Class actions are sometimes criticised, with some claimants allegedly receiving low payments but with solicitors receiving high wages for their services.
Contact us for legal advice
Millions of dollars were lost by both in the so called sub prime crisis and the case involves the loss of $3.4 million (£1.8 m).
Sub prime is a type of mortgage which is offered to lower income families or those with less credit history, making them "below" the prime demographic to lend money to.
Action brought against Lehman Brothers is linked to losses incurred from the firm's investments in mortgage-backed securities and other investments, IPE claims.
Lothian Pension Fund is involved in several class action cases filed in the US and has agreed to act as lead plaintiff on behalf of a number of other investors who may have lost money.
One of the largest in the UK, the fund has over 170 associated employers and a total scheme membership of 67,461, according to its website.
A class action is a form of lawsuit where a group of people collectively bring a claim to court together.
Class actions are sometimes criticised, with some claimants allegedly receiving low payments but with solicitors receiving high wages for their services.
Contact us for legal advice
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