Lehman Settles with American Eagle and Tribe for $2 Million
The Wall Street Journal announced that Lehman, on behalf of its former executives, is trying to get court approval for a settlement of more than $2 million with American eagle Outfitters and a California Indian tribe. The deal sought is to resolve claims pending in FINRA arbitration proceedings resulting from the firm’s marketing and sale of auction rate securities (ARS), which caused investors to be unable to access their money when the market froze in 2008. Pursuant to the terms of the agreement, the shopping mall retailer American eagle will get $560,000 and the Tule River Tribe will be paid $1.5 million.
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