A U.S. appellate court yesterday upheld a lower court's decision to dismiss a lawsuit by retirees of Lehman Brothers Holdings Inc. that sought to hold the company's directors, including former chief executive Dick Fuld, accountable for squandering their retirement savings on stock that was rendered worthless when the investment bank collapsed into bankruptcy, Dow Jones Daily Bankruptcy Review reported today. A three-judge panel of the U.S. Court of Appeals for the Second Circuit affirmed the decision by Judge Lewis A. Kaplan to dismiss a class-action lawsuit filed by the former Lehman employees, who saw hundreds of millions of dollars in retirement savings disappear when the bank filed for chapter 11 in September 2008.
