Deloitte Settles Bear Stearns Lawsuit for $19.9 Million
This article is for subscribers only.
Deloitte & Touche agreed to pay $19.9 million to settle claims by investors who lost money in the stock of JPMorgan Chase & Co.’s Bear Stearns unit from 2006 to 2008.
The settlement, which must be approved by a judge in Manhattan federal court, resolves claims against Deloitte by a class of shareholders claiming Bear Stearns, with the help of Deloitte, its auditor, made misstatements about its financial condition. Bear Stearns shares dropped after news became public about risky hedge funds and negative ratings-company outlooks.