The class action was originally filed by plaintiff New Jersey Carpenters Health Fund on or about July 23, 2008 in the Supreme Court of the State of New York, County of New York. On July 29, 2008, the action was removed to the U.S. District Court for the Southern District of New York.
The lawsuit was filed on behalf of all purchasers of Lehman XS Trust Mortgage Pass-through Certificates who purchased said certificates pursuant or traceable to the common Registration Statement filed with the Securities and Exchange Commission on September 26, 2005. The lawsuit asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933. The complaint alleges that defendants made material misstatements and omissions in connection with the offering regarding the collateral underlying the certificates.
According to Pretrial Order No. 1 issued on January 9, 2009, the following actions are consolidated for all pretrial purposes with 08 Civ. 5523 (LAK): 08 Civ. 5523, 08 Civ. 8225, 08 Civ. 9404, 08 Civ. 9578, 08 Civ. 9793, 08 Civ. 10008 , 08 Civ. 10058, and 08 Civ. 10206. They are referred to collectively as In re Lehman Brothers Equity/Debt Securities Litigation. The following actions are consolidated for all purposes into 08 Civ. 6762 (LAK), and the caption of that action is amended to be In re Lehman Brothers Mortgage-Backed Securities Litigation: 08 Civ. 6762 and 08 Civ. 10686. In re Lehman Brothers Equity/Debt Securities Litigation (08 Civ. 5523 (LAK)), In re Lehman Brothers Mortgage-Backed Securities Litigation (08 Civ. 6762) (LAK) and In re Lehman Brothers ERISA Litigation (08 Civ. 5598 (LAK)) are consolidated for discovery purposes under master docket under 1:21-mc-00104-LAK. The Local 302 and 612 of the International Union of Operating Engineers-Employers
Construction Industry Retirement Trust and Christopher Lometti of the firm of
Schoengold, Sporn, Laitman & Lometti, P.C., are designated Lead Plaintiff and Lead
Counsel in In re Lehman Brothers Mortgage-Backed Securities Litigation.
On February 02, 2009, an amended complaint was filed by the plaintiffs against the defendants in this matter.
On February 03, 2010, an order by the court was entered granting the defendants motion to dismiss the plaintiff’s complaint against them.
On February 04, 2010, a judgment entered into the record in favor of the defendants.
According to an Opinion dated April 13, 2011, Movants’ motions to intervene were granted with respect to (1) Movant Public Employees’ Retirement System of Mississippi’s Section 12(a)(2) claims relating to its purchase of FFMLT 2006-FFB Certificates and (2) Movant Iowa Public Employees’ Retirement System’s Section 12(a)(2) claims relating to its purchase of SASC 2007-BC1 and SARM 2006-4 Certificates. The motions were denied in all other respects.
On May 12, 2011, pursuant to Federal Rule of Civil Procedure 41(a)(1), Lead Plaintiffs dismissed this action with prejudice only as to certain Defendants.
On May 12, 2011, a Notice of Appeal was filed with the United States Court of Appeals for the Second Circuit from the Court's Order denying the Intervenors the right to assert further Securities Act claims. The District Court's Judgment was later affirmed by the Mandate from the U.S. Court of Appeals entered on June 1, 2011.
On May 29, 2011, the Intervenors voluntarily dismissed the action with prejudice against certain defendants named in the action.
According to the Clerk's Judgment entered on June 27, 2011, for the reasons stated in the Court's Memo Endorsed Order dated June 22, 2011, the motion is granted; accordingly, as there is no just reason for delay pursuant to Fed. R. Civ. P. 54(b), judgment is entered only as to the claims dismissed by this Court's Order issued on April 13, 2011.
On January 13, 2012, a Stipulation of Settlement constituting the entire agreement was struck between the Settling Parties.
On February 23, 2012, the Second Circuit United States Court of Appeals granted the motion by appellant Iowa Public Employees' Retirement System for limited remand to the district court pursuant to Federal Rules of Appellate Procedure 12.1.
On March 22, 2012, an Order Certifying Settlement Class, Approving Notice to the Class and Scheduling of Final Approval Hearing was granted by the Court.
On June 21, 2012, the Court issued an Order on Plaintiffs' Counsel's Application for An Award of Attorneys' Fees and Reimbursement of Expenses and a Final Judgment and Order of Dismissal with Prejudice.