Sonora, CA — Tuolumne County has hired two outside legal firms to help recoup money from bonds that went bad following the September collapse of Lehman Brothers.
?The County had $2 million invested with Lehman Bros. in bond debt, and the lawsuit would be seeking damages from third parties for losses to those investments,? says Assistant County Counsel Christopher Schmidt. ?In addition there will be a claim in bankruptcy against Lehman.?
The two outside firms hired are the offices of Pearson, Simon, Soter, Warshaw & Penny LLP., and the offices of Meyers, Nave, Riback, Silver & Wilson.
Schmidt says that the County will only be charged for the legal services if the firms are successful with the litigation.
Written by BJ Hansen