Former Bear Stearns Auditor To Pay Nearly $20M To Settle Securities Law Claims

Former Bear Stearns Auditor To Pay Nearly $20M To Settle Securities Law Claims

NEW YORK - The former independent outside auditor for The Bear Stearns Cos. Inc. agreed June 11 to pay nearly $20 million to settle shareholder claims that it failed to accurately monitor the financial giant's internal controls with regard to Bear Stearns' issuance of risky subprime mortgage-backed securities in violation of federal securities law (In re Bear Stearns Companies Inc. Securities, Derivative, and ERISA Litigation, MDL No. 08-md-1963, No. 08-2793, S.D. N.Y.).

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