Ex-Bear Stearns Workers Land $10M Deal Over MBS Buys

Law360, New York (March 21, 2012, 2:41 PM EDT) -- A putative class of former Bear Stearns Cos. Inc. workers on Tuesday reached a $10 million settlement with JP Morgan Chase & Co., which bought Bear Stearns in 2008, over allegations that the defunct investment bank’s retirement plan invested in the mortgage-related securities that doomed the company.

In addition to establishing a $10 million settlement fund, the proposed settlement would also certify the class, and the former employees would agree to release all claims accusing the defendants of violating the Employee Retirement Income Security Act by...
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