Thousands of former Bear Stearns Cos. (BSC) employees will
share a $10 million settlement of lawsuits claiming they lost money on the
bank’s stock in their retirement accounts, according to a guru at Bloomberg.
Two ex-Bear Stearns employees yesterday asked a federal
court judge in Manhattan to approve the settlement on behalf of an estimated
8,400 former colleagues. The settlement
will resolve class-action suits filed beginning in 2008 against Bear Stearns
and other defendants by former employees of the bank. The employees,
participants and beneficiaries of Bear Stearns’s employee stock ownership plan
who held shares of the bank’s common stock, claimed risky investments in
subprime mortgages caused them to lose money.....
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