CARSON CITY, Nev. (AP) — Nevada isn't immediately settling a $30 million breach of contract lawsuit filed by Lehman Brothers Commercial Bank after the state pulled investments when the lending giant's financial status was downgraded in 2008.
Gov. Brian Sandoval said the state Board of Finance talked about the case Tuesday but didn't vote.
The Las Vegas Sun reports the board met for 25 minutes behind closed doors to discuss a proposal by a Nevada Supreme Court settlement judge.
Details were kept confidential, and the discussion was kept closed on attorney-client grounds.
State Treasurer Kate Marshall says settlement talks will continue, and the board will consider the issue again in 60 days.
Lehman contends the state broke its contract when it quit doing business with the bank following a Moody's Investors Service downgrade.
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Information from: Las Vegas Sun, http://www.lasvegassun.com
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