Bear Stearns To Settle Sterling Foster Suits

Law360, New York (July 11, 2006, 12:00 AM EDT) -- Bear, Stearns & Co. and a subsidiary have entered into a settlement agreement over two class actions arising from the company’s role as clearing broker for Sterling Foster & Co., Inc., that will finally end litigation dating back to 1999.

According to Bear Stearns’ quarterly report filed with the Securities and Exchange Commission on Monday, the settlement will resolve all claims against them as defendants in the cases, but no information was given on the amount of the settlements.

A spokesperson for the company, Michelle O’Brien,...
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