- 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
- Whitmer signs gun violence prevention legislation
- Department of Attorney General conducts statewide warrant sweep, arrests 9
- Adoptive families across Michigan recognized during Adoption Day and Month
- Reproductive Health Act signed into law
- Case study: Documentary highlights history of courts in the Eastern District
headlines National
- Protecting Attorney-Client Relationships: ABA advocacy helps safeguard the right to effective assistance of counsel
- Did ‘corporate speak’ and PowerPoint lead to complacency at GM?
- Ex-employee sues Sheppard Mullin over cyberattack exposing sensitive personal data
- Ropes & Gray allows more attorneys to count AI testing toward billable hours
- Plaintiff who filed fraudulent case, trashed desktop computer hit with sanctions
- Man who threatened Supreme Court justices avoids prison time
