According to the NY Times’ Dealbook a group of Bear Stearns
shareholders who claimed to have been hurt by the investment bank’s
deteriorating health agreed on Wednesday to settle its claims for $275 million,
four years after the firm was sold to JPMorgan Chase.
The proposed settlement would cover investors who owned
shares in the firm from Dec. 14, 2006, to March 14, 2008, according to a
document filed in Federal District Court in Manhattan. The pact, which still needs court approval,
would end years of litigation between Bear Stearns, former executives of the
bank and investors led by representatives of Michigan’s state pension funds. It was a lingering reminder of the collapse
of the investment bank, which was rescued only through a government-brokered
fire sale to JPMorgan in March 2008.
The former executives named in the suit include James E.
Cayne, Bear Stearns’ longtime chief executive; Alan D. Schwartz, his successor
and the leader who sold the firm to JPMorgan; and Alan C. Greenberg, the
investment bank’s longtime chairman….
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