Bear Stearns Loses Bid To Block $960M Settlement

Law360, New York (January 20, 2006, 12:00 AM EST) -- The New York Supreme Court has rejected a bid by Wall Street powerhouse Bear Stearns & Co. to block a $960 million settlement of a class action lawsuit against healthcare firm McKesson Corp., arising from a 1999 financial restatement.

Bear Stearns first took action against the proposed settlement in December 2005, hoping to hold out for a lesser amount or to clear itself altogether of its alleged connection to a disastrous merger in 1999, which led to McKesson's $465 million financial restatement.

The complaints were filed...
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