A federal judge from the the U.S. District Court, Southern District of New York yesterday approved a $40 million settlement in an MBS class action lawsuit against individuals formerly affiliated with Lehman Brothers Holding. The company went bankrupt in September 2008.

Led by Locals 302 and 612 of the International Union of Operating Engineers, which include Employers Construction Trust Fund, New Jersey Carpenters Health Fund, and Boilermakers-Blacksmith National Pension Trust, the plaintiffs in the lawsuit were represented by Cohen Milstein Sellers & Toll.

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