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Violation Tracker Individual Record

Company: Bear Stearns
Current Parent Company: JPMorgan Chase
Penalty: $275,000,000
Year: 2012
Date: June 12, 2012
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: toxic securities abuses
Mega-Scandal: Toxic Securities
Violation Description: In a case brought by the Michigan AG on behalf of a state pension fund, Bear Stearns and Deloitte & Touche agreed to pay a total of $294.9 million to settle allegations that they misled investors during the collapse of Bearn Stearns in 2008. The AG's announcement listed only the combined amount to be paid by the two companies. However, court documents in the federal court case -- 08-md-1963 in the Southern District of New York -- indicated that Bear Stearns was to pay $275 million and Deloitte $19.9 million.
Level of Government: state
Action Type: agency action
Agency: Michigan Attorney General
Civil or Criminal Case: civil
Facility State: Michigan
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.