Bear Stearns, Former Executives Agree To $275M Settlement Of Securities Claims

Bear Stearns, Former Executives Agree To $275M Settlement Of Securities Claims

NEW YORK - The Bear Stearns Cos. Inc. and certain of its former officers and directors have agreed to pay $275 million to settle claims that they misrepresented the investment quality and risk profile of mortgage-backed securities they issued to investors in violation of federal securities laws, according to documents filed June 6 in New York federal court (In re Bear Stearns Companies Inc. Securities, Derivative, and ERISA Litigation, MDL No. 08-md-1963, No. 08-2793, S.D. N.Y.). Subscribers may view the motion for preliminary approval of settlement and stipulation of settlement available within the full update.

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