A FINRA arbitration panel awarded damages in excess of $5,052,500 against Neuberger Berman and it's broker Brian Hahn in connection with the sale of Lehman Brothers Structured Notes to three customers. The investors were represented by Block & Landsman and The Law Firm of Nicholas P. Iavarone.
In the summer of 2008, Neuberger Berman wealth manager Brian Hahn solicited the customers to invest in the comBATS and XLF Lehman Brothers Structured Notes. The customers were all told that the principle of the structured notes were either fully protected (the comBATS note) or partially protected (the XLF note). The Claimants alleged that neither Neuberger Berman or Brian Hahn adequately disclosed the fact that the investments were actually Lehman Brothers debt instruments and not investments the underlying combats and XLF products. When Lehman Brothers declared bankruptcy, the value of the structured notes became virtually worthless. One of the customers had also invested $1 million in Libertyview Credit Select, a Neuberger Berman fund that hypothecated its assets to Lehman Brothers.
The award represents 100% of the money our clients invested in the Lehman Brothers Structured Notes and in Libertyview Credit Select.
Contact Block & Landsman with any questions about the award or any questions about investments in Lehman Structured Notes.
