Bear Stearns $275 Million Claims Settlement Reached

June 7, 2012Email ThisPrintNewslettersTweetArticleCommentsA $275 million settlement has been reached in a nationwide shareholder lawsuit stemming from the near-collapse of the former Wall Street investment bank Bear Stearns Cos, court papers show.

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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$650K Settlement Reached Over 2009 Minnesota Train Crash

May 25, 2012Email ThisPrintNewslettersTweetArticleComments

Union Pacific Railroad and the family of a man killed in a Blue Earth County train crash have reached a legal settlement.

Attorneys say Union Pacific has agreed to pay $650,000 to the family of Todd Ziegler. He and another man were in a county dump truck that was struck by three locomotives near Crystal Lake in July 2009. The 43-year-old Ziegler and 42-year-old Jack Baker were killed.

The Free Press reports the Ziegler family attorneys say the evidence shows the two men never heard the train whistle over the noise of the dump truck, and the railroad crossing was the only one in the area that didn’t have lights or crossing arms.

Union Pacific did not immediately return a call seeking comment.

 

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: Midwest NewsTopics: Minnesota, settlement, train crash, Union PacificHave a hot lead? Email us at newsdesk

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