Bear Stearns Securities Action Survives Dismissal

Law360, New York (January 24, 2011, 6:11 PM EST) -- A federal judge has given the green light to a securities class action against Bear Stearns Cos. Inc. and auditor Deloitte & Touche LLP over the investment giant's collapse, though he dismissed related derivative and Employee Retirement Income Security Act claims.

In a 398-page ruling Wednesday, Judge Robert Sweet of the U.S. District Court for the Southern District of New York ruled that the plaintiffs in the securities suit, including the State of Michigan Retirement Systems, have sufficiently pled their fraud allegations against Bear Stearns and...
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