Bear Stearns Investors Retract Calls To Block Buyout

Law360, New York (May 7, 2008, 12:00 AM EDT) -- Shareholders of Bear Stearns Cos. have withdrawn their motion for an injunction blocking the planned takeover by JP Morgan Chase & Co. but will continue to pursue up to $2.8 billion in damages, their lawyer said Wednesday.

Attorney Daniel Krasner, of Wolf Haldenstein Adler Freema & Herz LLP, said the class action, filed on March 26 in the New York State Supreme Court, would now move forward as a “damages case.”

The shareholders claim Bear Stearns was worth $30 a share when JP Morgan made its...
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