Arguments heard in JPMorgan-Bear Stearns merger case
Litigation stemming from the JPMorgan-Bear Stearns merger took a step forward this week, with New York state Judge Herman Cahn holding a summary judgment hearing on Monday (12 August), writes The American Lawyer. 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 did not find a better alternative. JPMorgan initially offered $2 (£1.06) per share, then raised its offer to $10 (£5.34) per share. The shareholders also are going after JPMorgan, claiming the bank aided and abetted those breaches. This week's hearing was on the defendants' motion for summary judgment.
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651