- 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
- Presidents recognized
- Supreme Court justices tell Congress their safety is at risk and more must be spent on security
- As cyclospora illnesses surge to a record, Michigan officials eye lettuce as a possible cause
- ACLU leader and social justice advocate to receive ABA Thurgood Marshall Award
- Health and Housing Summer Fest hosted in Royal Oak
headlines National
- ABA connects death row inmate to pro bono attorneys who help free him
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- 2 judges suspended in separate cases after being indicted on criminal charges
- Convicted ex-judge gets $5K fine but no prison time in immigration case
- Ohio governor signs bill prohibiting foreign litigation funding
- Many small firms collect payments faster than BigLaw counterparts, new data shows
