On 10/14/2009, Lehman Brothers Holdings Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Moree Shire Council is among a group of 38 local councils that has won the right to sue Lehman Brothers Holdings Inc., after a Federal Court ruling. The decision opens the door for the council to try and recoup $500,000 of lost ratepayers' money. Litigation funder IMF Australia, which is acting for the councils, has issued a statement announcing it will now fund the 38 councils in their legal action to recover millions of dollars lost when they invested in complex investment packages called Collateralised Debt Obligations, or CDOs, that were arranged by Lehman's parent company and its subsidiaries. The soon-to-be commenced proceedings have been made possible after the full Federal Court found a deed between the councils and the collapsed bank was invalid.

A coalition of Oakland hills homeowner groups has filed a lawsuit against the Lehman Bros. financial empire, which collapsed last year and took down with it the funds that backed an Orange County development firm's plans to redevelop the site of the old Oak Knoll Naval Hospital. The Sequoyah Hills/Oak Knoll Neighborhood Association, on behalf of about 4,500 homeowners, filed claims totaling $115 million with a U.S. bankruptcy court in New York. The neighborhood association wants Lehman to pay the $15 million estimated cost to clean up the site. A separate claim seeks $100 million for nuisance and negligence.