Codey Statement On Lehman Brothers Lawsuit

TRENTON – Senate President Richard J. Codey (D-Essex) today released the following statement praising the Attorney General’s Office for moving forward with a lawsuit against Lehman Brothers Holdings Inc. for misrepresentations that resulted in an estimated $118 million in pension fund losses. In late January, Sen. Codey asked Attorney General Anne Milgram to investigate whether any investment firms had squandered New Jersey’s pension funds.

“I’m pleased that the Attorney General has taken on this David versus Goliath assault on our taxpayers. Whether it’s misrepresentation or simple corporate greed and mismanagement, the state, and any other stakeholders, deserve remuneration if these companies are found to have abused their trust. It’s like playing Russian Roulette with the retirement funds of so many salt-of-the-earth, hardworking Americans. It’s unconscionable and I hope the Attorney General is successful in recouping every last cent that may have been fleeced from our taxpayers.”

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