Fuld Asks Dismissal of Repo 105 Suit

According to a story at Bloomberg.com:“ Lehman Brothers Holdings Inc.’s ex- Chief Executive Officer Richard Fuld asked a judge to dismiss a lawsuit accusing him and his colleagues of failing to disclose Repo 105, a financing method allegedly used to conceal billions of dollars of debt, according to court records.”

While the BRC does claim this case represents an anti-business animus, it clearly bears watching: Lehman’s auditor, Ernst & Young LLP, claims that its work was sound and has also asked the judge to dismiss the lawsuit, which was filed April 23 on behalf of several goverenment retirement funds.

The Gulf Spill

A cap placed over a leaking well spewing oil into the Gulf of Mexico has recovered about 6,000 barrels during the first 24 hours it has been in operation, Adm. Thad W. Allen of the Coast Guard said Saturday morning.

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