Bear Stearns Settles Workers' Suit Over MBS Investments

Law360, New York (November 21, 2011, 3:49 PM EST) -- Bear Stearns Cos. Inc. on Thursday settled a putative class action lodged by former employees who say the failed financial services firm frittered away their pensions by keeping up the retirement plan's investments in the doomed mortgage-related securities that led to the company's downfall.

Attorneys for the plaintiffs told a New York federal court that a settlement had been struck in the former Bear Stearns workers' allegations that the defunct company had violated the Employee Retirement Income Security Act by failing to preserve its pension plan...
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