Bear Stearns faces lawsuit over alleged breach of duty over employee share plan

[Omaha Steve]

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-23842587.htm

Bear Stearns faces lawsuit over alleged breach of duty over employee share plan

March 18, 2008: 02:43 AM EST

SEATTLE, Mar. 18, 2008 (Thomson Financial delivered by Newstex) -- Law firm Keller Rohrback LLP said it has commenced investigations against Bear Stearns (NYSE:BSC) Companies Inc for potential violations of the Employee Retirement Income Security Act of 1974, focusing on investments in Bear Stearns stock by the bank's employee stock ownership plan.

A breach may have occurred if the fiduciaries failed to manage the assets of the plan prudently and loyally by investing the assets in company stock when it was no longer a prudent investment for participants' retirement savings.

Specifically, the law firm claims, Bear Stearns and the plan's other fiduciaries continued to invest in and hold Bear Stearns stock in the plan despite the company's apparent mismanagement of the risk of assets held by it and its failure to maintain adequate capital and liquidity.

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[sam sarrha]

1. i figured this was to destroy pensions and initiate Shock Doctrine policies, eliminate all social

programs.. corporate restrictions, bust Unions etc... see Naomi Klein's,
Shock Doctrine:the rise of disaster capitalism

[angstlessk]

2. makes you wonder if they held stocks in other companies whose

value went from $156 per share to $30 in a year? If they did they should go to jail! They probably should go to jail anyway!