Legal Updates
JPMorgan Buyout of Bear Stearns Approved
Friday, May 30, 2008
On May 29, 2008, JPMorgan Chase & Co. (JPM) was granted approval for its government-arranged fire-sale purchase of Bear Stearns Cos. (BSC), shuttering the 85-year-old Wall Street giant and putting a projected 60% of Bear Stearns' 14,000 employees out jobs. Nearly 84% of Bear Stearns' shareholders voted to approve the…
SEC to Review Bear Stearns Trading Data
Wednesday, May 28, 2008
On May 28, 2008, Bear Stearns Cos. announced plans to turn over documents to securities regulators showing that several financial giants, including Goldman Sachs Group Inc., Citadel Investment Group and Paulson & Co., slashed their exposure to the securities firm in the weeks before its collapse. The SEC, as part…
Latest Lawsuit Claims Bear Stearns Fraud
Monday, April 14, 2008
H. Roger Wang, a Beverly Hills billionaire has accused Bear Stearns Cos. of deceiving his wife and him into purchasing 150,000 shares of the struggling brokerage's stock, including 100,000 shares on March 14, 2008, the day that federal officials first intervened to keep the firm from tumbling into bankruptcy. The…
First-Quarter Bear Stearns Report Postponed
Friday, April 11, 2008
On April 10, 2008, Bear Stearns Cos. (BSC) announced the filing of its fiscal first-quarter results would be delayed as a result of disruptions caused by its buyout agreement with JPMorgan Chase & Co. (JPM). In a filing via the Securities and Exchange Commission (SEC), the investment bank said it…
3 Million More BSC Shares Purchased by JPMorgan
Wednesday, April 09, 2008
A Securities & Exchange filing made public on April 9, 2008 revealed that JPMorgan Chase & Co. (JPM) obtained almost 3 million additional shares of Bear Stearns Cos. (BSC) stock in the open market on April 8, 2008. This new acquisition gives JPMorgan a 47.4% stake in Bear Stearns. The…
Bear Stearns & JPMorgan Finalize Share Exchange
Tuesday, April 08, 2008
On April 8, 2008, Bear Stearns Cos. (BSC) completed its share exchange with JPMorgan Chase & Co. (JPM). Under the terms of the agreement, JPMorgan purchased 95 million newly issued shares of Bear Stearns common stock, or a 39.5% stake in the company, in exchange for an estimated 20.7 million…
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