Saturday, 25 February 2017
Last updated 1 day ago
Jun 13 2008 | 2:00am ET
Barclays has filed an amended lawsuit against Bear Stearns, to take into account new revelations since Bear’s collapse and its subsequent takeover by JPMorgan Chase.
The British banking giant in December sued Bear for fraud, conspiracy and breach of fiduciary duty, accusing the Wall Street firm of lying about the performance of its High-Grade Structured Credit Strategies Enhanced Leverage Master hedge fund. That fund was one of two Bear hedge funds that collapsed last summer under the weight of the credit crisis.
Barclays' amended lawsuit was filed last week with Manhattan federal court. The bank is trying to recoup losses and recover damages from Bear and Bear Stearns Asset Management, as well as former fund managers Ralph Cioffi and Matthew Tannin.
The amended suit does not name JPMorgan as a defendant.