Ex-Bear Stearns Workers Land $10M Deal Over MBS Buys

Law360, New York (March 21, 2012, 2:41 PM EDT) -- A putative class of former Bear Stearns Cos. Inc. workers on Tuesday reached a $10 million settlement with JP Morgan Chase & Co., which bought Bear Stearns in 2008, over allegations that the defunct investment bank’s retirement plan invested in the mortgage-related securities that doomed the company.

In addition to establishing a $10 million settlement fund, the proposed settlement would also certify the class, and the former employees would agree to release all claims accusing the defendants of violating the Employee Retirement Income Security Act by...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.