BearingPoint Shareholders Slam Ch. 11 Plan

Law360, New York (November 2, 2009, 12:55 PM EST) -- Lead plaintiffs in a securities fraud class action against bankrupt BearingPoint Inc. are opposing the technology consulting firm's proposed Chapter 11 liquidation plan, saying the plan doesn't take into account the impact of the litigation on the company's estate.

In an objection filed in the U.S. Bankruptcy Court for the Southern District of New York on Friday, the shareholder plaintiffs argue that, among its defects, BearingPoint's Chapter 11 plan and disclosure statement fails to provide a status update on the class action, improperly releases claims against...
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