NEW YORK, March 25 /PRNewswire/ -- Attorney Advertising. The law firm of Milberg LLP is investigating possible illegal conduct relating to The Bear Stearns Companies Inc. Employee Stock Ownership Plan (the "Plan") (NYSE:BSC).
Specifically, Milberg is investigating whether certain fiduciaries of the Plan may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). Violations may have occurred in at least two ways: (1) by continuing to offer Bear Stearns stock as a Plan investment when it was imprudent to do so, and (2) by maintaining the Plan's investment in Bear Stearns stock in the Plan when it was imprudent to do so.
The potential ERISA violations arise out of Bear Stearns's significant participation in the subprime mortgage industry, including heavy investment in collateralized debt obligations ("CDOs") and other extremely risky mortgage- back securities investments.
Notably, according to complaints filed in the Southern District of New York, certain alleged fiduciaries of the Plan sold their own personal shares of Bear Stearns common stock for tens of millions of dollars during the proposed class period. In contrast, at certain times during the proposed class period, employees of Bear Stearns were not permitted to sell their Bear Stearns stock.
If you have or had an individual account with the Bear Stearns Companies Inc. Employee Stock Ownership Plan, and your account holds or held Bear Stearns common stock, you may have legal claims under ERISA.
Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in U.S. federal and state courts. Please visit the Milberg website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:
Lori G. Feldman Anita B. Kartalopoulos Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: email@example.com Website: http://www.milberg.com Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Source: Milberg LLP