Barclays Drops Suit Over Bear Stearns Funds Flop

Law360, New York (February 11, 2009, 12:00 AM EST) -- British banking giant Barclays Plc has dropped its multimillion-dollar lawsuit against Bear Stearns Cos. over losses stemming from the collapse of two hedge funds operated by the now defunct investment bank.

The third largest U.K. Bank filed a notice of voluntary dismissal with prejudice against all the named defendants in the U.S. District Court for the Southern District of New York on Wednesday. The noticed was signed by Judge Loretta Preska on Thursday.

An attorney for Barclays, Ruth Marlow of Linklaters LLP, declined to comment on...
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