Michigan to Lead Fraud Case Against Bear Stearns

Michigan to Lead Fraud Case Against Bear Stearns - 1/7/2009

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2009 News and Press Releases

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Michigan to Lead Fraud Case Against Bear Stearns
Staff Writer - Michigan Attorney General

PR Newswire. January 7, 2009
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EXCERPT: Attorney General Mike Cox and Treasurer Robert J. Kleine today announced that the State of Michigan has been appointed lead plaintiff in the national securities class action lawsuit against the Bear Stearns Companies and five current and former executives and directors for allegedly misleading pension funds and other investors by failing to appropriately mark down its huge portfolio of securities containing subprime mortgage-backed securities. "Protecting pensions is a top priority for my office," said Cox. "We are fighting to ensure families are not cheated out of their pensions. I will do everything I can to ensure that Bear Stearns is held responsible for misleading investors." The lawsuit claims Bear Stearns, which had been one of the country's biggest investment institutions, and the individual defendants broke federal securities laws by misleading investors about their subprime exposure during the period covered by the lawsuit, December 14, 2006 through March 14, 2008, leading to its collapse in early 2008. As a result, pension funds and other investors across Michigan and the nation lost billions of dollars, including a $62 million loss by the State of Michigan Retirement Systems.

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