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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."

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