Bear Stearns Strikes $275M Deal To End Securities MDL

Law360, New York (June 6, 2012, 10:26 PM EDT) -- The State of Michigan Retirement Systems has reached a $275 million settlement with The Bear Stearns Cos. Inc. in multidistrict securities litigation stemming from the investment giant's collapse, according to court documents filed Wednesday.

The Michigan retirement system, the lead plaintiff in a suit alleging Bear Stearns and numerous former executives made misleading statements about the investment bank's financial health and its exposure to the subprime housing market, asked U.S. District Judge Robert W. Sweet to give preliminary approval to the partial settlement, which would end...
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.