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October 04, 2015 7:46 PM ET

Capital Markets

Company Overview of The Bear Stearns Companies, LLC

Company Overview

The Bear Stearns Companies, LLC operates as an investment banking, securities and derivatives trading, and clearance and brokerage company. It operates through Capital Markets, Global Clearing Services, and Wealth Management segments. The Capital Markets segment comprises equities, fixed income, and investment banking operations. Fixed income operations include participating in the auction of, and maintaining proprietary positions in, U.S. treasury bills, notes, bonds, and stripped principal and coupon securities; purchase and origination of commercial and residential mortgage loans; dealing in tax-exempt and taxable municipal securities and instruments; offering hedging and arbitrage servic...

383 Madison Avenue

New York, NY 10179

United States

Founded in 1923

13,834 Employees





Key Executives for The Bear Stearns Companies, LLC

Head of Fixed Income Distribution for Europe
Chief Executive of the Investment Bank's Business - Asia
Age: 48
Chairman of Bear Stearns Asset Management and Chief Executive Officer of Bear Stearns Asset Management
Age: 72
President of Asian Operations and Senior Managing Director
Senior Managing Director
Age: 63
Compensation as of Fiscal Year 2015.

The Bear Stearns Companies, LLC Key Developments

Federal Home Loan Bank of Boston to Receive More Than $110.7 Million in Private-Label MBS Suit

Federal Home Loan Bank of Boston agreed to settle its claims against various defendants regarding investments in private-label MBS, for a net amount of $110.7 million. The FHLB will continue its private-label MBS litigation against various securities dealers, underwriters, control persons, issuers/depositors and credit rating agencies. According to the FHLB's Form 10-K filed March 23, defendants in the private-label MBS litigation include some of the large institutions, their affiliates and subsidiaries and/or defendants under their control or under the control of their affiliates or subsidiaries. Among them are JPMorgan Chase & Co., Morgan Stanley and Credit Suisse (USA) Inc. Other defendants include Barclays Capital Inc., Nomura Holding America Inc., RBS Holdings USA Inc., UBS AmericasInc., Bear Stearns Cos. LLC, DB Structured Products Inc., DB U.S. Financial Market Holding Corp., EMC Mortgage Corp., Impac Mortgage Holdings Inc. and WaMu Capital Corp.

The U.S. District Court for the Southern District of New York Grants Motion of Absent Class Member to Intervene in Securities Fraud Class Action, Shareholder Derivative and ERISA Action Brought against Bear Stearns

The U.S. District Court for the Southern District of New York granted the motion of an absent class member to intervene in a securities fraud class action, shareholder derivative and ERISA action brought against an investment firm. An institutional investor sued Bear Stearns Cos., certain of the firm's officers and its auditor Deloitte DeTouche, alleging securities fraud and related claims arising from misrepresentations that overstated the value of the firm's assets and understated the risks entailed in those assets and from statements that misled investors concerning the firm's liquidity problems. In June 2012, the parties reached a settlement of the securities fraud claims that called for the Bear Stearns defendants to pay $275 million, and for Deloitte to pay $19.9 million. The court granted preliminary approval to the settlement. Cancan Ltd., an absent class member to the action, moved to intervene for the purpose of participating in the previously approved settlement and moved for modification of the court's approval order. Cancan alleged its shares were registered in the "street name" of a nominee of Brown Brothers Harriman, the custodial bank of Cancan's custodian, Lombard Odier Darier Hentsche and Cie. Copies of a proof of claim submission deadline were mailed to Brown Brothers and Lombard Odier, but neither sent back names/addresses of potential class members. As a result, Cancan failed to submit a timely proof of claim. Claimant asserts sufficient interest in litigation. The district court noted that Rule 24(a)(2) of the Federal Rules of Civil Procedure permitted intervention by anyone who claimed an interest relating to the property or transaction that was the subject of the action. Because Cancan sought money it lost from the sale of Bear Stearns shares and as a member of the settlement class, it was asserting such an interest. The court separately found Cancan's motion was timely because it was filed within days of Cancan learning that it could not reach agreement with class counsel. Moreover, the prejudice to existing parties that would result from permitting Cancan to intervene was negligible. The defendants would not suffer because their exposure was both capped and fixed. In addition, the overwhelming bulk of the class already was paid in the first distribution, and there was ample money left over to cover the claims of the remaining class members even if Cancan was included in the second round of payments. Accordingly, and after finding that the remaining factors relevant to the motion also favored permitting intervention, the district court granted Cancan's motion to intervene.

Justice Department Announces $13 Billion Settlement with JPMorgan

JPMorgan has agreed to a $13 billion settlement for misrepresenting bonds prior to the recession. It covers allegations revolving around mortgage-backed securities that became the trigger for the economic recession that is viewed as the worst since the Great Depression of the 1930s. As part of the settlement, the bank 'acknowledged it made serious misrepresentations to the public, including the investing public, about numerous residential mortgage-backed securities'. The settlement covers claims against JPMorgan and Bear Stearns and Washington Mutual, two banks that JPMorgan absorbed as the financial crisis was unraveling in 2008 and 2009.

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