ML Direct Shareholders Seek Cert. In Bear Stearns Suit

Law360, New York (October 19, 2009, 7:10 PM EDT) -- Former ML Direct Inc. shareholders have asked a federal judge to certify a class of more than 2,000 purchasers who lost their investments as a result of an allegedly manipulative scheme operated by Sterling Foster & Co. and Bear Stearns Cos. Inc. more than a decade ago.

The plaintiffs contend in their class certification motion, filed Friday in the U.S. District Court for the Eastern District of New York, that between September 1996 and February 1997, the 2,280 investors purchased ML Direct shares at $13.50 to...
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