Following CA, Florida Charges Lehman with Complicity in Fraud
June 30, 2003
Florida’s attorney general may be overreaching in its claim against Lehman Brothers, alleging complicity with a now-bankrupt mortgage lender to defraud borrowers in the state, according to industry lawyers. Attorney General Charles Crist sued the New York-based investment-banking firm in state court for alleged violation of a state deceptive-practices law. He is seeking $20 million in damages on behalf of an estimated 1,000 borrowers, as well as $10 million in fines and penalties.