News & Events

On August 8, 2016, the Supreme Court of the State of New York issued an opinion dismissing all claims against several former senior officers of Lehman Brothers Holdings, Inc. represented by Simpson Thacher, in connection with certain real estate investments made by Lehman-related entities. In a 31-page opinion, Justice Saliann Scarpulla dismissed each of plaintiffs’ sixteen causes of action, including claims for fraud, breach of fiduciary duty, breach of contract, aiding and abetting fraud and breach of fiduciary duty, and declaratory relief. 

The court held, with respect to Simpson Thacher’s clients, that  “the complaint fails to allege any specific misrepresentations by any of the individual defendants in their individual capacity sufficient to sustain a cause of action for fraud” and that “[t]he complaint does not adequately set forth specific factual allegations against the individual defendants or otherwise distinguish among them with respect to specific conduct, such as would support a cause of action against a given individual.” 

The Simpson Thacher team is Litigation Partner Joe McLaughlin and Associates Alex Simkin and Josh Polster.