Deloitte & Touche LLP agreed to pay $19.9 million to settle litigation brought by former Bear Stearns Cos shareholders who claimed they were misled about the investment bank’s deteriorating health by its former auditor.
The all-cash settlement was disclosed late Monday in the U.S. district court in Manhattan. It was announced five days after JPMorgan Chase & Co, which bought Bear in 2008, agreed to a $275 million settlement to resolve claims against Bear and several one-time Bear executives, including two former chief executives, James Cayne and Alan Schwartz, and a former chairman, Alan “Ace” Greenberg.
via Deloitte settles Bear Stearns shareholder lawsuit — Reuters
