Lehman Brothers Fraud Lawsuit Filed by California Public Pension Fund

New York, NYThe California Public Employees' Retirement System (Calpers) has filed a lawsuit over allegations of Lehman Brothers fraud, according to the Dow Jones Newswires.

span itemprop="image" itemscope itemtype="https://schema.org/ImageObject" style="display:block">In the lawsuit, the largest public pension fund in the US accuses some former executives of Lehman Brothers of making statements that were false about Lehman's financial health just months prior to its bankruptcy in September 2008.

Calpers reportedly filed the lawsuit in federal court in San Francisco, according to the news provider.

While the lawsuit does not give a specific number for damages being sought, it claims to cover $700 million worth of Lehman bonds held by Calpers.

According to a spokesman for Calpers, the public pension funds dropped $100 billion from September 2008 to March 2009 because of the financial crisis.

When Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008, it represented the largest bankruptcy in US history, according to MarketWatch. Lehman Brothers reportedly had more than $600 billion of debt when it sought the bankruptcy protection.