Lehman Brothers Holdings Inc. ("Lehman Brothers" or the Company) is an American global financial services firm founded in 1847.

On April 21, 2005, a Complaint was filed in the United States District Court for the Southern District of Florida on behalf of a putative class of PFA investors who had purchased trust plans from PFA from 1999 through March 30, 2005. Henry Iurman v. Pension Fund of America L.C. et al. Case No. 05-21101. On April 28, 2005, a second related Complaint was filed on behalf of the same putative class of PFA investors. Samuel Puterman v. Lehman Brothers, Inc. et al., Case No. 05-21169. On June 22, 2005, Plaintiffs consolidated these cases by filing a First Amended Class Action Complaint, styled Cordova, et. al. v. Lehman Brothers, Inc., et. al., Case No. 05-21169 alleging common law claims for (1) breach of fiduciary duty, (2) aiding and abetting PFA’s common law fraud and (3) aiding and abetting PFA’s breaches of its fiduciary duties. The Complaint named Lehman Brothers, Inc., Merrill Lynch & Co., Inc., Raymond James Financial Services, Inc., Oliva Investment Group, Inc. and HSBC as Defendants (hereinafter, the “Financial Institution Defendants”). On January 17, 2006, the Court granted Defendants’ motions to dismiss, ruling the common law claims asserted in the Complaint were preempted by the Securities Litigation Uniform Standards Act (“SLUSA”). On February 13, 2006, Plaintiffs filed their Second Amended Class Action Complaint, alleging violations by the Financial Institution Defendants of Sections 12 and 15 of the Securities Act of 1933 (“Securities Act”) and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”). Motions to dismiss the Second Amended Class Action Complaint were then pending.

The action, civil action number 05-21169, was pending in the United States District Court for the Southern District of Florida. According to the Second Amended Class Action Complaint, the Defendants violated Sections 12, 17(a), and 22(a) of the Securities Act of 1933 ("Securities Act"), 15 U.S.C. ss. 77l, 77q(a), and 77v(a); and Sections 10(b) and 27 of the Securities Exchange Act of 1934, 15 U.S.C. ss. 78j(b) and 78aa, and Section 12 and 15 of the Securities Act, 15 U.S.C. ss. 77(l) and 77(o), in connection with the sale of unregistered securities and the fraudulent scheme perpetrated by Defendants and PFA, in defrauding thousands of PFA's investors out of at least $127 million.

The Complaint further alleges that on March 28, 2005, the United States Securities and Exchange Commission exposed PFA's fraud. On that day, the SEC filed a Complaint for Injunctive and Other Relief, and the Court entered a Temporary Restraining Order and other Emergency Relief. It was only with the filing of the SEC's action that Plaintiffs and the Class became aware of PFA's fraud and began to uncover Defendants' roles in perpetrating an investment fraud.

On August 11, 2006, the Plaintiffs filed a motion for preliminary approval of settlement with the Villalobos Parties for $285,000. On May 3, 2007, the Plaintiffs filed a motion for preliminary approval of settlement with the HSBC Defendants. According to the Motion, the settlement is in the amount of $12.5 million of turnover proceeds and a $10.5 million class settlement fund. In May 2007, the Court entered Orders preliminarily approving the settlements. On August 3, 2007, the Plaintiffs filed a motion for settlement with the De La Riva Parties for $112,500. On August 10, 2007, the Court issued the Orders approving all three settlements and further approving the motion for attorneys’ fees.

On December 7, 2007, the Court granted the March 2006 motions to dismiss filed by Defendants Raymond James Financial Services, Inc.; SunTrust Bank, Inc.; Merrill Lynch & Co.; Lehman Brothers, Inc.; and, Olivia Investment Group, Inc. According to the Order, the Second Amended Complaint is dismissed with prejudice and the case is closed.

In January 2008, the Plaintiffs filed a notice of appeal.

On April 18, 2008, an Appellate Order was entered granting the Appellants' motion to dismiss this appeal with prejudice in part as to Appellees Lehman Brothers, Inc., Merrill Lynch & Company, Inc., Raymond James Financial Services, Inc., and Oliva Investment Group, Inc.

On November 12, 2008, the Receiver's and Lead Plaintiffs' Motion for Final Approval of Settlements and Plaintiffs' Motion for Attorneys' Fees and Incorporated Memorandum of Law was entered into the court.

On November 20, 2008, a Final Judgment and Order of Dismissal with Prejudice was entered by the court in this matter. Also on November 20, 2008, Order Granting Plaintiffs' Attorneys' Fees And Costs was granted by the court.