Law360 (June 3, 2010, 12:36 PM EDT) -- The financial market crisis of the past several years saw the demise of many formerly venerable banking institutions. Lehman Brothers, Merrill Lynch and Bear Stearns, among numerous other investment and commercial banks, collapsed, resulting in profound losses for investors who owned the securities issued by those institutions.
In a number of recent lawsuits, investors have alleged that their investment advisers and portfolio managers breached their fiduciary responsibilities by not divesting bonds that ultimately became severely impaired or worthless. While the bonds may have been appropriate investments at the time of original purchase, plaintiffs argue that diligent managers fulfilling their responsibilities of...
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