Monday, March 17, 2008

Bear Stearns investors bring legal claims

From Stuff:

Angry Bear Stearns Co Inc shareholders have wasted no time in bringing legal claims following the company's stunning stock collapse and $US2 ($NZ2.53)-a-share fire sale to JPMorgan Chase & Co.

At least one federal lawsuit in New York seeking class- action status for alleged securities fraud was filed on Monday by an investor contending the company hid its true financial condition from shareholders.

Also filed was a lawsuit from a company worker who held Bear Stearns shares in his retirement portfolio and says the company failed to properly manage risks in the pension plan. That suit also seeks class-action status....MORE