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.
