Lehman Brothers Gets a Pass From SEC: Report

NEW YORK (TheStreet) -- The Securities and Exchange Commission will likely not recommend enforcement action against Lehman Brothers or any of its top executives in relation to the firm's spectacular 2008 collapse, according to a report from Bloomberg .

An internal SEC memo reportedly states that the staff has determined that no charges will be filed by the regulator against executives for securities fraud. "The staff has concluded its investigation and determined that charges will likely not be recommended," Bloomberg quotes from the memo.

Dick Fuld

A spokesman for the SEC declined to comment on the story.

That is not to say that former Lehman leaders are off the hook though. Former Lehman CEO Richard Fuld is currently the subject of three civil lawsuits tied to Lehman's collapse and investigations by two state attorney generals and Congress, according to a report filed with Financial Industry Regulation Authority.

--Written by Christopher Westfall in New York.