We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Bear Stearns To Pay Failed Hedge Fund $160M

Law360 (February 15, 2007, 12:00 AM EST) -- A bankruptcy judge ordered Bear Stearns Corp. on Thursday to repay the estate of Manhattan Investment Fund Ltd. $160 million, finding that the investment bank overlooked fraudulent money transactions just months before the hedge fund fell into bankruptcy.

Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York had issued a statement on Jan. 9 that Bear Stearns learned of fraudulent money transfers made by the hedge fund’s owner, but did not try to stop the deals.

Convicted felon Michael Berger...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.