SOURCE: Brodsky & Smith, LLC

March 25, 2008 17:16 ET

Law Offices of Brodsky & Smith, LLC Announces Class Action Lawsuit on Behalf of Bear Stearns' Employees for ERISA Violations

BALA CYNWYD, PA--(Marketwire - March 25, 2008) - Law offices of Brodsky & Smith, LLC announces that a class action lawsuit has been filed on behalf of The Bear Stearns Companies' (NYSE: BSC) ("Bear Stearns" or the "Company") current and former employees, alleging the company violated ERISA laws concerning the management of the Employee Stock Ownership Plan (the "ESOP" or the "Plan") from December 14, 2006 through the present (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of New York.

The Complaint alleges that Bear Stearns and certain of its officers and directors allowed the imprudent investment of the Plan's assets/participants' retirement savings in Bear Stearns equity throughout the Class Period, despite the fact that they clearly knew or should have known that such investment was imprudent. Specifically, the Company failed to manage the Plan's investments to prevent the Plan's sole investment in Bear Stearns stock and continued to maintain Bear Stearns stock as the Plan's sole investment when it was no longer suitable for participants' retirement savings.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a current or former employee of Bear Stearns, who held Bear Stearns stock through the Plan, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Evan J. Smith, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.

Contact Information

  • Evan J. Smith, Esquire
    Marc L. Ackerman, Esquire
    Brodsky & Smith, LLC
    Two Bala Plaza, Suite 602
    Bala Cynwyd, PA 19004
    Email Contact
    877-LEGAL-90