He has ruled that Bear Stearns should pay $125 million to collapsed hedge fund Manhattan Investment Fund. The fund, for which Bear Stearns was a clearing broker, went bankrupt in 2000 after four years in operation. The manager, Michael Berger, reportedly lost $400 million of clients’ money but covered it up for three years. Court statements say that Bear Stearns reported concerns about the fund to the SEC but did so only a year after doubts were first raised internally.
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