Bear Stearns Faces Claim Over Failed Hedge Funds

Law360, New York (August 2, 2007, 12:00 AM EDT) -- Financial services firm Bear Stearns is facing its first legal claim relating to the recent high-profile implosion of two of the company's hedge funds that took risky bets in the subprime mortgage market.

Jacob Zamansky of the law firm Zamanksy & Associates has filed an arbitration claim with the National Association of Securities Dealers on behalf of an unidentified investor, who is described by his lawyer as a retired insurance salesman in Wisconsin who claims to have lost $500,000.

The arbitration claim, which alleges that Bear...
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