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CLAIMANTS ARE OR WERE CLIENTS OF NEUBERGER BERMAN LLC ("NEUBERGER"). IN 2008, CLAIMANTS INVESTED IN VARIOUS INVESTMENT PRODUCTS, INCLUDING STRUCTURED NOTES ISSUED BY LEHMAN BROTHERS, LEHMAN BROTHERS PRIVATE EQUITY FUNDS AND/OR LIBERTYVIEW PRIVATE FUNDS (COLLECTIVELY, THE "PRODUCTS"). IN SEPTEMBER OF 2008, LEHMAN BROTHERS HOLDINGS, INC. AND CERTAIN OF ITS SUBSIDIARIES FILED FOR CHAPTER 11 PROTECTION AND LEHMAN BROTHERS INTERNATIONAL (EUROPE) WAS PLACED INTO ADMINISTRATION, THE U.K. EQUIVALENT OF BANKRUPTCY (COLLECTIVELY, THE "LEHMAN BANKRUPTCY"). THE LEHMAN BANKRUPTCY HAD A MATERIAL ADVERSE IMPACT ON THE VALUE OF CERTAIN OF THE PRODUCTS AND CLAIMANTS SUBSEQUENTLY COMMENCED A FINRA ARBITRATION REGARDING SUCH INVESTMENTS AGAINST NEUBERGER, CERTAIN OF ITS REGISTERED REPRESENTATIVES AND CURRENT AND FORMER MEMBERS OF SENIOR MANAGEMENT, INCLUDING THE FIRM'S CEO, CFO, CIO AND CCO, AND BRIAN HAHN, THE NEUBERGER REGISTERED REPRESENTATIVE THAT SERVICED CLAIMANTS' ACCOUNTS, ALLEGING VARIOUS THEORIES OF RECOVERY, INCLUDING RICO VIOLATIONS, BREACH OF FIDUCIARY DUTY AND VIOLATIONS OF VARIOUS STATE AND FEDERAL LAWS. NEUBERGER HAS FILED AN ANSWER DENYING THE SUBSTANCE OF THE ALLEGATIONS AND BELIEVES IT HAS A MERITORIOUS DEFENSE TO ALL CLAIMS.
Damage Amount Requested
$7,560,973.00
Damages Granted
$5,067,800.00
4/20/2009
Customer Dispute
Settled
Allegations
CLAIMANTS ARE OR WERE CLIENTS OF NEUBERGER BERMAN LLC ("NEUBERGER"). BETWEEN MARCH 2006 AND APRIL 2008, CLAIMANTS INVESTED IN SELECT STRUCTURED NOTES ISSUED BY LEHMAN BROTHERS ("NOTES") AND SELECT LIBERTYVIEW PRIVATE FUNDS, FOR WHICH LEHMAN BROTHERS INTERNATIONAL (EUROPE) ("LBIE") SERVED AS THE PRIME BROKER ("FUNDS"). FOLLOWING LEHMAN BROTHERS' BANKRUPTCY AND LBIE BEING PLACED INTO ADMINISTRATION, THE U.K. EQUIVALENT OF BANKRUPTCY, CLAIMANTS COMMENCED A FINRA ARBITRATION REGARDING THE NOTES AND FUNDS AGAINST NEUBERGER AND MR. HAHN, THE NEUBERGER REGISTERED REPRESENTATIVE THAT SERVICED THE CLAIMANTS ACCOUNTS, ALLEGING VARIOUS THEORIES OF RECOVERY, INCLUDING BREACH OF FIDUCIARY DUTY, FRAUD AND VIOLATIONS OF VARIOUS STATE AND FEDERAL SECURITIES LAWS. NEUBERGER AND MR. HAHN HAVE EACH FILED AN ANSWER DENYING THE SUBSTANCE OF THE MATERIAL ALLEGATIONS AND BELIEVE THEY HAVE MERITORIOUS DEFENSES TO ALL CLAIMS.
Damage Amount Requested
$6,899,290.00
Settlement Amount
$720,271.00
Broker Comment
THE MATTER WAS PARTIALLY SETTLED WITH RESPECT TO CERTAIN CLAIMANTS WITH NEUBERGER BERMAN LLC AGREEING TO PAY A TOTAL OF $720,271. MR. HAHN DID NOT CONTRIBUTE TO THE SETTLEMENT. THE MATTER WAS DISMISSED ON MAY 10, 2010 WITHOUT PREJUDICE AND WITHOUT BAR TO RESTATEMENT BY THE NON-SETTLING CLAIMANTS, WHO COMMENCED A SEPARATE ARBITRATION WHICH CONCLUDED ON JULY 15, 2011.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.