The Bear Stearns Companies Inc.
The In Re Bear Stearns Cos. Inc. ERISA Litigation is currently pending in the United States District Court Southern District of New York. The complaint is on behalf of Plaintiffs and a class of all persons who were participants in or beneficiaries of The Bear Stearns Cos. Inc. Employee Stock Ownership Plan (the “Plan”) between December 14, 2006 and March 24, 2008 (the “Class Period”) and whose accounts included investments in Bear Stearns common stock.
Plaintiffs allege that during the Class Period the Defendants breached their fiduciary duties to Plaintiffs and the Class members by:
- failing to prudently and loyally manage the Plan’s assets;
- failing to avoid conflicts of interest; and
- failing to monitor fiduciaries and co-fiduciary liability.
On December 29, 2008, the Honorable Robert W. Sweet consolidated the various pending ERISA cases and appointed Keller Rohrback L.L.P. as Interim Co-Lead Counsel. On April 20, 2009, Plaintiffs filed an Amended Consolidated Class Action Complaint (corrected on July 21, 2009). On January 19, 2011, the Court dismissed the Amended Consolidated Complaint with prejudice. On September 13, 2011, the Court granted Plaintiffs' motion to alter or amend the January 19th order, and granted Plaintiffs' motion for leave to file a second amended consolidated complaint, which Plaintiffs filed on September 26, 2011.
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Case Documents