The settlement resolves claims that Bear, and several officials including former Chief Executive James Cayne, misled investors about the company’s deteriorating financial health before it was acquired by JPMorgan Chase & Co.
The lead plaintiff, the State of Michigan Retirement Systems, filed settlement papers on Wednesday night with the U.S. District Court in Manhattan, and is seeking preliminary court approval of the accord.
Copyright 2012 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: National NewsTopics: Bear Stearns, Bear Stearns settlement, directors and officers liability, State of Michigan Retirement SystemsHave a hot lead? Email us at newsdesk
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