On January 5, 2009 Labaton Sucharow was appointed Co-Lead Counsel for Lead Plaintiff, the State Treasurer of the State of Michigan, Custodian of the Michigan Public School Employees Retirement System, State Employees’ Retirement System, Michigan State Police Retirement System, and Michigan Judges Retirement System, in In re Bear Stearns Companies, Inc. Securities Litigation, Case No. 08-MDL-1963 (RWS) (S.D.N.Y.). In the action, Lead Plaintiff asserts claims under the Securities Exchange Act of 1934 against the Bear Stearns Companies, Inc. (“Bear Stearns”), its auditor Deloitte & Touche LLP, and certain of Bear Stearns’ former directors and officers. Lead Plaintiff represents a proposed Class of all persons and entities who acquired the publicly traded securities of Bear Stearns, Restricted Stock units, or shares in its CAP plan between December 14, 2006 and March 14, 2008.

Lead Plaintiff alleges, among other things, that Defendants violated federal securities laws by making false and misleading statements during the Class Period concerning Bear Stearns’s exposure to risk in the housing market and the value of its assets. Lead Plaintiff further alleges that the revelation of this deception led to a catastrophic collapse in the Company’s share values before the Company was acquired by JP Morgan Chase & Co. in May of 2008.

On February 27, 2009 Lead Plaintiff filed a Consolidated Amended Complaint detailing Defendants' fraudulent scheme. A copy of the Consolidated Amended Complaint may be viewed by clicking the link to the left. On April 24, 2009, Defendants filed their motions to dismiss. Lead Plaintiff filed its memoranda in opposition to the motions to dismiss, together with a motion to strike certain exhibits submitted with Defendants' motions, on May 29, 2009. Defendants' reply briefs were filed June 30, 2009. The Court took the motions to dismiss under advisement on July 1, 2009 and has not yet made a ruling.