Deloitte To Pay $20M To Exit Bear Stearns Investor Suit
Law360, New York (June 11, 2012, 10:32 PM EDT) -- Deloitte & Touche LLP agreed Monday to pay $19.9 million to settle claims by The Bear Stearns Cos. investors who had accused the investment bank’s former auditor of misleading investors about the bank’s financial health in the years leading up to its collapse.
In a memorandum filed in New York federal court, lead plaintiff The State of Michigan Retirement System sought the court’s approval of the proposed settlement, which would resolve all claims against Deloitte for allegedly ignoring Bear Stearns’ risky investments and mortgage underwriting and securitization practices, all of which plaintiffs said contributed to its downfall in 2008.
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