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Forum Report: Federal Lawsuit Seeks Injunction of Proposed Acquisition

(May 8, 2008)

Note: The federal lawsuit case cited below, Cohen v. Bear Stearns Companies, Inc. et al, Case No. 07-cv-10453, was reassigned to Judge Robert W. Sweet and is reportedly one of several purported shareholder class actions that are expected to be consolidated before him in the United States District Court of the Southern District of New York.  The complaint can be downloaded, in two parts, from the following links:

 

 

 

Sent: Thursday, May 08, 2008 10:05 AM
Subject: Another lawsuit seeks federal court injunction of JPMorgan's proposed acquisition of Bear Stearns

 
It was reported by Bear Stearns in an SEC Form 8-K filing this morning that, while the lawyers representing shareholders in a purported class action in a New York State court had withdrawn a motion for an injunction and planned to focus instead on monetary damage claims, the lawyers representing a separate shareholder action before a federal court were proceeding to seek an injunction against the currently proposed JPMorgan acquisition of Bear Stearns.  The relevant part of the Form 8-K report is copied below.
 
The federal case is in the United States District Court of the Southern District of New York, captioned Cohen v. Bear Stearns Companies, Inc. et al, Case No. 07-cv-10453, before Judge Richard M. Berman.
 
We will of course invite the attorneys from both court actions to report on their cases at the Forum's open meeting next Wednesday, May 14.
 
             - GL
 
Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212/605-0335
Email: gl@shareholderforum.com
 
 
 
 
 
 
 
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Item 8.01.  Other Events.

The plaintiffs in the purported class action lawsuit against The Bear Stearns
Companies Inc. ("Bear Stearns"), its board of directors and JPMorgan Chase &
Co., In re Bear Stearns Litigation, have informed the Court that they are
withdrawing their motion seeking to enjoin JPMorgan Chase & Co. from voting the
shares of Bear Stearns common stock it had acquired on April 8, 2008 pursuant to
the share exchange agreement dated March 24, 2008. The plaintiffs have also
informed the Court that they intend to pursue their claims, which include a
claim for an unspecified amount of compensatory damages, in the ordinary course.

In an unrelated federal shareholder litigation filed in the Southern District of
New York captioned Cohen v. The Bear Stearns Companies, Inc., plaintiffs are
seeking permission from the Court to file a motion to preliminarily enjoin
consummation of the merger.
 
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This Forum program is open, free of charge, to all shareholders of The Bear Stearns Companies, Inc. ("BSC") and to any fiduciaries or professionals concerned with their investment decisions.  Its purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their evaluations of alternatives, addressing issues described in the Forum Summary.

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