Prominent Filipino restaurateur files anti-dummy suit vs Lehman Bros

MANILA -- A prominent Filipino businessman-restaurateur has filed criminal charges against international financial and investment company Lehman Brothers and its Filipino counterparts for possible violation of the Philippine Anti-Dummy Law.

Victor Villavicencio, a prominent restaurateur, yesterday said that those named respondents in the anti-dummy suit are Norman Macasaet, Carlos Manalac, Michael Rabonza, Edilberto Castaneda, Ana Marie Katigbak and several other John Does and Jane Does acting for and in behalf of Lehman Brothers and Philippine Investment One, Inc.

Villavicencio’s complaint against the globally-known financial and investment company was filed at the Regional Trial Court, Branch 214, Mandaluyong City (Criminal Case No. MC08-11640) he said.

Records show that between the periods of September 2004 to March 2005, the aforesaid individuals accordingly conspired and simulated the existence of several corporations in order to make it appear that Philippine Investment Two Inc. is qualified to own real properties in the Philippines.

However, upon examination of the records, it shows that Lehman Brothers, which is made up of foreign nationals, are the real and beneficial owners of the said corporation and as such, they are not qualified to own any real property anywhere in the Philippines.

The Philippine Constitution is clear that only Filipinos can own lands anywhere in the country.

It was also noted that the accused incorporated several corporations to wit: Philippine Investment One (SPV-AMC) Inc., Philippine Investment Two (SPV-AMC) Inc. Argonan Real Estate Investment Inc., Duncan Holdings Inc., and Argosy Properties Inc. to provide corporate scheme to circumvent the legal requirements on the ownership of land.

With the said case, Villavicencio explained that it now becomes apparent and alarming that there might be several other foreigners and/or foreign corporations which are trying or may have acquired beneficial ownership of lands through corporate layering only to acquire real properties in the country.

Its own website shows that Lehman Brothers is an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide.

It was founded in 1850 maintaining leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity.

The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world.

Saxena White P.A. Files a Shareholder Suit Against Lehman Brothers Holdings Inc.

Notice is hereby given that Saxena White P.A. has filed suit on behalf of shareholders of Lehman Brothers Holdings, Inc. ("Lehman Brothers" or the "Company") (NYSE: LEH) in the United States District Court for the Southern District of New York.

The complaint seeks damages for violations of federal securities laws on behalf of all investors who purchased Lehman common stock between September 13, 2006 through June 6, 2008, inclusive (the "Class Period"). Lehman Brothers is an international investment banking firm. Throughout the Class Period, Defendants touted the Company's strong liquidity position, superior risk management policies and stable overall financial prospects despite a difficult environment in the financial services industry. As a result of Defendants' statements, the stock traded as high as $86.18 per share during the Class Period. (CNN Money)

Suit seeks shareholder class action vs Lehman Bros

NEW YORK (Reuters) - A lawsuit seeking class action on behalf of shareholders was filed Thursday against Lehman Brothers Holdings Inc (nyse: LEH - news - people ), whose shares have plunged more than 60 percent this year as a result of its exposure to the sub-prime mortgage crisis.

The civil suit, filed in U.S. District Court in New York, argues the conduct of Lehman and four high-ranking officers caused the economic loss suffered by its shareholders.

It also accuses Lehman executives of making deliberately misleading statements and withholding material information in order to profit by selling company stock at artificially inflated prices. (Reuters)

Shareholder sues Lehman Brothers

A shareholder has sued US investment bank Lehman Brothers and its senior management accusing it of misleading investors over its sub-prime exposure.

The lawsuit claims that the Wall Street bank's conduct led to a substantial financial loss for its shareholders.

Lehman Brothers has not commented on the lawsuit. (BBC News)

Shareholder Suit Filed Vs Lehman Brothers Over Subprime Hit

NEW YORK -(Dow Jones)- A shareholder sued Lehman Brothers Holdings Inc. (LEH) and its top management Thursday over the investment bank's disclosures regarding its exposure to the subprime mortgage market.

The lawsuit, filed in U.S. District Court in Manhattan, alleges the New York investment bank failed to properly disclose to investors its exposure to a meltdown in the subprime mortgage market and the losses it would incur as a result.

"Despite this tumultuous financial climate, Lehman Brothers made repeated false and misleading statements touting the company's sophisticated and conservative risk management policies and assuring investors that it was highly unlikely that the company would suffer significantly as a result of the mortgage and credit market meltdown," the lawsuit said. (CNN Money)