Notice of Class Action

SAN FRANCISCO, Feb. 5 /PRNewswire/ -- A First Amended Complaint was filed in SDNY federal court on January 31, 2010 against three Lehman Brothers affiliates and 10 Lehman managers.  The complaint was originally filed on October 30, 2009, and was assigned case number 1-cv-09-9100.

The filing was for "over 60 limited partners" (LPs) within LBREP III who contributed funds to the effort to recover for real estate losses.  The LPs appointed a 4-member Committee to prosecute the action as representatives and retain counsel, Arthur Russell of New York, and Ted Parker of Orinda, CA.  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.

A lead plaintiff acts for other class members in directing litigation.  To be appointed, the Court determines that the claim is typical and he/she will adequately represent the class.  One or more class members may be "lead plaintiffs."  The Committee seeks an order entitling all members to be lead plaintiffs.

The Committee's attorneys have extensive experience in securities cases.  Contact Parker Law Firm to discuss any questions concerning this Notice.

SOURCE Parker Law Firm