- Posted June 14, 2012
- Tweet This | Share on Facebook
State pension funds share in $295M fraud deal
LANSING (AP) -- Michigan officials say the state's pension plans will share in a $295 million settlement of a nationwide class action fraud lawsuit against Bear Stearns and Deloitte & Touche over sale of mortgage-backed securities.
Attorney General Bill Schuette and State Treasurer Andy Dillon said Tuesday that a federal judge in the southern district of New York tentatively approved the deal. Michigan is lead plaintiff.
Schuette and Dillon say Judge Robert Sweet will hold a hearing to finalize the settlement Sept. 19. They say the size of Michigan's cut isn't yet known.
The officials say the companies will compensate investors who bought Bear Stearns stock and other equity securities and options between Dec. 14, 2006, and March 14, 2008.
The State of Michigan Retirement Systems holds about $50.3 billion in assets.
Published: Thu, Jun 14, 2012
headlines Oakland County
- Associations gather for Spring Fling
- Supreme Court denies rehearing request by attorneys sanctioned for meritless election lawsuit
- Law school conducts ‘Know Your Rights Day’ for high school students
- Oakland County household hazardous waste dropoff events promote environmental stewardship and safeguard communities
- Nessel testifies in support of BRITE Act
headlines National
- Incarceration series includes female inmates but doesn’t tell full story
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Former DOJ official who alleged election fraud violated at least one ethics rule, ethics committee says
- Winston & Strawn will provide reduced-cost legal services for routine tasks under Winston Legal Solutions umbrella
- Should Justice Sotomayor retire? Chemerinsky, White House haven’t joined calls for her to step down
- Which BigLaw firms are increasing lateral associate hiring the most? One made legal headlines last year
