SOURCE: Law Office of Christopher J. Gray, P.C.

November 20, 2009 15:00 ET

Bear Stearns Investor's Motion to Block Consolidation of Case With Class Action Denied by U.S. Court

Investors Retain Right to Retain Independent Counsel and Opt Out of Any Class Action Settlement

NEW YORK, NY--(Marketwire - November 20, 2009) - Attorney Christopher Gray of the Law Office of Christopher J. Gray, P.C. in New York City ( informs investors of a ruling in the case Crowe v. JP Morgan Chase & Co. (NYSE: JPM), as successor in interest to The Bear Stearns Companies, Inc., Docket No. 09-CV-778 pending in the U.S. District Court for the Southern District of New York. The Court denied the plaintiffs in the Crowe case's motion not to have their case consolidated with the class action case on behalf of Bear, Stearns investors that is pending in the same court. The Court reasoned that there were factual and legal issues in common between the class action and the Crowe case and that adjudicating the cases together would be more efficient. The Court's order can be accessed via the following link to the Gray firm's website:

The plaintiffs in Crowe are investors who sustained substantial losses in options on Bear, Stearns stock at the time of the collapse of Bear, Stearns during March 2008. The class action case asserts claims on behalf of all investors who acquired the equity securities (or options on same) of The Bear Stearns Companies, Inc. (NYSE: BSC) between December 14, 2006 and March 14, 2008, inclusive (Class members).

All Class members have the right to opt out of participating in the class action and file their own individual claims through their own individual attorneys in the event of any settlement in the class action. In addition, investors who acquired Bear, Stearns securities before December 14, 2006 and held same through March 2008, purchasers and holders of debt securities, and/or employees who held Bear, Stearns employee equity units at the time of Bear, Stearns' collapse, may be able to assert individual claims that are not included in the class action by filing their own individual lawsuits.

The Law Office of Christopher J. Gray, P.C. has represented investors in several opt-out securities lawsuits. Research shows that plaintiffs who file opt-out lawsuits and pursue their own cases are generally faring much better than the reported 2.2 percent average recovery obtained for investors in class action settlements in 2006. For example, in the recent AOL Time Warner securities litigation, many opt-out plaintiffs obtained recoveries far in excess of what they would have obtained had they remained class members, including recoveries of between 16 and 24 times the amount that investors would have received through the class action case.

Law Office of Christopher J. Gray, P.C. is not court-appointed lead counsel and does not represent the plaintiffs in the class action, and this news release has not been ordered or approved by the Court. Investors who wish to remain members of the Class but do not wish to seek appointment as Lead Plaintiff need do nothing at the present time.

Investors seeking more information about their legal options in connection with the collapse of Bear, Stearns may contact Law Office of Christopher J. Gray, P.C. at the e-mail address, address, fax number, or telephone number below.


Contact Information

    Law Office of Christopher J. Gray, P.C.
    Christopher J. Gray
    460 Park Avenue, 21st Floor
    New York, New York 10022
    (212) 838-3221
    (212) 937-3139 (fax)
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