Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, June 20, 2024 | Back issues
Courthouse News Service Courthouse News Service

Class Action Targets Bear Stearns CEO

BROOKLYN (CN) - Among the dozens of class-action complaints against Bear Stearns, this one, in Federal Court, claims that CEO Alan Schwartz defrauded investors by stating at a March 13 press conference that "the market rumors concerning Bear Stearns were totally unfounded," that "the Bear Stearns balance sheet had not changed," and that "there was no change in the liquidity in Bear Stearns," the day before the company announced it was "being bailed out by JP Morgan Chase to help boost liquidity."

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...