The Nevada Supreme Court has upheld the district court dismissal of the lawsuit in which Lehman Brothers demanded $30 million from the Nevada treasurer’s office.
The company, now named Woodlands Commercial Bank, was terminated from its state contract after Lehman Brothers was downgraded in its credit status and unable to assign its contract with the state to another firm.
The panel consisting of Justices Nancy Saitta, Mark Gibbons and Kris Pickering concluded that the contract agreement with the state “unambiguously permitted respondents to terminate the agreement without paying appellant the Termination Value.”
That ruling upholds the summary judgment granted by Carson City District Judge James Wilson.
The contract was ordered terminated by then-Treasurer Kate Marshall and affirmed by the state Board of Finance in 2012.
“As a result, Nevada taxpayers owe no money to Woodlands due to the early termination,” said Treasurer Dan Schwartz.
That is the end of the case unless the company asks and is granted an en-banc hearing before the entire seven-member court.
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