In re Lehman Bros. Securities & Erisa Litigation

MEMORANDUM OPINION

LEWIS A. KAPLAN, District Judge.

This case is brought on behalf of beneficiaries of the Lehman Brothers Savings Plan (the “Plan”), an employee stock ownership plan (“ESOP”) that held stock of Lehman Brothers Holdings, Inc. (“Lehman”) and suffered a large loss when Lehman failed in the 2008 financial crisis. Plaintiffs initially sued Lehman’s former directors (the “Director Defendants”)1 and members of Lehman’s Employee Benefit Plans Committee (the “Plan Committee Defendants”),2 although the only remaining Director Defendant is Richard S. Fuld, Lehman’s former chairman and…