A Neuberger Fund Manager Demands $12 Million from Lehman
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Friday, September 11, 2009

A Neuberger Fund Manager Demands $12 Million from Lehman

Neuberger Berman fund manager Judy Vale wants $12.3 million from Lehman Brothers, The Wall Street Journal reported Friday.

Vale filed the claim on August 27, asserting that Lehman owes her for "compensation as employee" and "restricted stock units," which were granted between October 2003 and July 2008.

The WSJ's Patrick Fitzgerald wrote that other former Lehman workers will likely follow Vale's lead: “With the bankruptcy court setting a Sept. 22 deadline for claims against Lehman's estate, you can expect other employees to file claims in the coming days,” he wrote.

Vale is known for her June 2008 suggestion to Lehman's Executive committee that “top management should forgo bonuses” that year. After reading the e-mail, forwarded to him by one of the original recipients, then-CEO Dick Fuld dismissed Vale's concerns, writing, “Don’t worry — they are only people who think about their own pockets,” referring to Neuberger Berman employees. The e-mails were released by the House Committee on Oversight and Government Reform while Lehman was being investigated in October 2008.

Lehman Brothers filed for bankruptcy on September 15, 2008.

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