A long-running ERISA class action against Bear Stearns ended with a whimper last week when employees who claimed to have lost $215 million when their retirement savings were invested in Bear Stearns stock agreed to settle for $10 million. In a motion filed on March 20, co-lead counsel for the plaintiffs at Keller Rohrback and Kessler Topaz Meltzer & Check urged Southern District Judge Robert Sweet (See Profile) to approve the deal in In re Bear Stearns Companies ERISA Litigation, 08 MDL 1963, describing it as fair and “an excellent result.”
Bear Stearns, the defunct investment bank acquired by JPMorgan Chase in 2008, was represented by Paul, Weiss, Rifkind, Wharton & Garrison and Steptoe & Johnson. The counsel lineup for individual director and officer defendants included Kramer Levin Naftalis & Frankel; Skadden, Arps, Slate, Meagher & Flom; Simpson Thacher & Bartlett; Schulte Roth & Zabel; Wachtell, Lipton, Rosen & Katz; Greenberg Traurig; and Gibson, Dunn & Crutcher.
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