Billionaire's No-Show Sinks Suit Over Bear Stearns Stock
Law360, Los Angeles (June 5, 2015, 8:35 PM EDT) -- A New York federal judge has tossed billionaire Roger Wang’s wife’s suit alleging Bear Stearns Cos. LLC duped Wang into buying the bank’s stock shortly before its 2008 collapse, issuing terminating sanctions after Wang blew off Bear Stearns’ repeated attempts to depose him.
Roger Wang’s wife, Vivine Wang, had filed suit alleging that Bear Stearns employees convinced Roger Wang to purchase shares in the company in March 2008 through false assurances about the company’s financial health. The Wangs refused to pay for the stock after JPMorgan Chase & Co. purchased Bear Stearns on March 16, 2008, at a severe discount. The...
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