Lehman Preferred Series "J" Preferred (fka LEHJQ)

[Craft8]

Class action?
I posted this idea on the WaMu board as well, but it applies here too.

Class action? Has anyone ever brought up the idea, or has it been discussed, of bringing a class action lawsuit on behalf of common\pref'd shareholders? We're all worried about getting scraps out of the BK, but I think at least some effort should be made towards recovering damages. As far as I can see that would be the only way we could recoup any of the stock value we lost. A bankruptcy court cannot award damages, or impose criminal sanctions on anyone. Even if we were to get an EC, I believe that the only way we can force some kind of real settlement is to at least threaten a Class Action. If I recall correctly that's how the Enron\Wolrdcom folks managed to recoup some losses as well as a few other big BK's over the past few years. There's enough diversity just on this board alone to qualify for a CA. Constant, persistent, pressure on all fronts is what will win us the day. The absolute last thing they want is the threat of a class action.