Employees Quickly Sue Over Bear Stearns Collapse

Law360, New York (March 17, 2008, 12:00 AM EDT) -- Jolted by the implosion of Bear Stearns Cos. over the weekend, employees of the troubled investment bank wasted no time filing one of the first of what is likely to be a flood of lawsuits in the case.

Reuters reported that the proposed class action suit was filed in federal court in Manhattan Monday afternoon on behalf of participants in Bear Stearns' employee stock-ownership plan. The suit claims that the bank withheld vital information about its financial health from employees.

Bear Stearns shares traded at $30...
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