Bear Stearns has agreed to a $275 million settlement in a nationwide shareholder lawsuit arising out of the near-collapse of the former Wall Street investment bank. The settlement resolves claims that Bear Stearns and several officials, including former Chief Executive James Cayne, misled investors about the company’s deteriorating financial health before it was acquired by JP Morgan Chase & Co. The lead Plaintiff, the State of Michigan Retirement Systems, filed the settlement papers last month with the U.S. District Court in Manhattan and is requesting preliminary court approval of the settlement.
Source: Insurance Journal
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