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US SEC may rebuke Lehman rather than sue

NEW YORK : The US Securities and Exchange Commission may issue a public rebuke of Lehman Brothers Holdings Inc and forme
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By Syed Murtaza Gheblehzadeh
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lehman-brothersNEW YORK: The US Securities and Exchange Commission may issue a public rebuke of Lehman Brothers Holdings Inc and former executives rather than sue them for actions that led to the firm's 2008 bankruptcy, Bloomberg News reported on Friday, citing three people with direct knowledge of the matter.

The SEC's enforcement lawyers are worried that a legal attack on Lehman's accounting practices would fail, the people cited by Bloomberg said.

Instead, the enforcement staff may recommend that the agency publish a so-called report of investigation, also known as a 21(a) report. outlining allegations of misconduct without imposing penalties, Bloomberg said.

Lehman filed the biggest bankruptcy in US history in September 2008.

Copyright Reuters, 2011

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