For the last couple of months, the JPMorgan-Bear Stearns merger litigation has been relatively quiet. But on Monday, New York state Judge Herman Cahn held a summary judgment hearing that spiced up a quiet August day. At least that’s how it seems from the few pages we’ve pulled out of the 80-page hearing transcript.
The case in question was brought by Bear shareholders claiming that Bear Stearns and its directors breached their fiduciary duty when they agreed to a buyout by JPMorgan and didn’t find a better alternative. JPMorgan initially offered $2 per share, then upped the ante to $10 per share. The shareholders also are going after JPMorgan, claiming the bank aided and abetted those breaches. The hearing was on the defendants’ motion for summary judgment.
