Former directors of the failed Lehman Brothers bank are seeking access to $90m in insurance funds to settle a fraud case brought by claimants including NILGOSC, the local government pension scheme for Northern Ireland, and Edinburgh City Council.
NILGOSC purchased 197,000 Lehman shares between September 2006 and March 2008, and argues that the prices it paid were infl ated by the bank's failure to reveal the true extent of its exposure to the US subprime mortgage crisis.
