Barclays Amends Bear Stearns Lawsuit

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.

RELATED STORIES

Barclays Sues Bear Over Collapsed Hedge Fund


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...