S.D.N.Y. Holds No Section 25400 Liability If Securities Aren’t The Same

The 2008 collapse of Lehman Brothers Holdings, Inc. resulted in seven California public entities and a California-based insurance company suing Lehman’s former directors, officers, and auditors for, among other things, violations of the California Corporate Securities Law of 1968. These cases were consolidated before U.S. District Court Judge Lewis A. Kaplan in the Southern District