LEHMAN BROTHERS, INC. v. PIPER JAFFRAY & CO.

600629/06, Index No. 590733/06

2008 NY Slip Op 33211 (U)

LEHMAN BROTHERS, INC., Plaintiff, v. PIPER JAFFRAY & CO., Defendant. PIPER JAFFRAY & CO. Third-Party Plaintiff, v. NATIONWIDE LIFE INSURANCE COMPANY OF AMERICA, Third-Party Defendant. PIPER JAFFRAY & CO., Third-Party Plaintiff, v. DALTON INVESTMENTS LLC, Third-Party Defendant.

Supreme Court of the State of New York, New York County.

May 20, 2008


Judge: RICHARD B. LOWE

This case involves a series of transactions in which numerous sophisticated investors were mistaken about a fundamental term of the deal — the amount of the securities that were being sold. All mistakenly believed that the $853,487.80 amount listed on the physical securities certificates in question represented a face amount, when in fact, that number was only the denominator of a fraction that yielded the holder's percentage ownership...

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