Suing Wall Street
Little ole' Lodi, population 60,000, has gone and sued Lehman Brothers, a 154-year-old Wall Street investment firm that's one of the largest in the world.The lawsuit was filed hours after a federal judge scolded a state agency, saying, in layman's terms, "Shame on you. You helped get the city into a mess." (Yes, I thoroughly enjoyed my time in federal court yesterday. And three other print reporters were there, possibly because they realized an insane amount of money is at risk.)
I know a bunch of you don't follow the legal happenings in Lodi, Calif., and that's not surprising. It's amazingly complicated, too. But just imagine suing a bank. Then imagine suing the bank that was recently put in charge of a $15 billion bond deal for the state of California. Such a bank really doesn't want negative publicity right now. Such a bank also has the money to pay for very good, very sharp lawyers.
Posted by Layla at 11:03 AM, March 27, 2004
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