May 5, 2020 / 12:07 PM / a month ago

10th Circuit slashes Lehman’s award for successful defense of Archstone LBO

Minority shareholders who lost their 10-year, $4 billion class action lawsuit over Lehman Brothers’ 2007 privatization of the Archstone-Smith Real Estate Investment Trust won a $230,000 reduction in the amount of costs they must pay Lehman and the other prevailing parties, including Tishman Speyer Development Corp, Equity Residential and AvalonBay Communities.

The 10th U.S. Circuit Court of Appeals said a federal judge in Denver erred in ordering the unsuccessful plaintiffs to reimburse the defendants for the cost of electronic legal research and attorney travel and lodging expenses, which are not authorized by the Federal Rules of Civil Procedure.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2SBJtEL

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