According to a press release dated February 05, 2010, the filing was for "over 60 limited partners" (LPs) within LBREP III who contributed funds to the effort to recover for real estate losses.
Class Period is November 2007 to May 2008. LBREP III Class Members may move
to serve as lead plaintiff until 60 days after this Notice.
Suit alleges PPM misstatements and omissions by Lehman affiliates in selling
partnership interests in LBREP III: PPMs said investments would buy properties
in the current market, but Lehman merely dumped its overpriced investments
onto investors along with Lehman's substantial losses.
On May 27, 2010, a Second Amended Complaint was filed, and the defendants responded by filing a motion to dismiss on June 30, 2010.
According to the Memorandum and Order, signed by Judge Barbara S. Jones on March 29, 2011, for the foregoing reasons, Defendants' Motion to Dismiss is granted with regard to the claims under Section 10(b), Section 29(b) and Section 20(a) of the 1934 Securities Exchange Act. The Court declines to exercise supplemental jurisdiction over the remaining state claims. The Clerk of the Court is directed to terminate the pending motion to dismiss (ECF Docket Number 57) and close both pending cases.