Former executives of Bear Stearns have agreed to pay $275m to investors in a rare example of senior Wall Street figures offering big sums to settle allegations of misconduct.
The investment bank’s near-failure in March 2008 marked a worsening of the financial crisis.
Jimmy Cayne and Alan Schwartz, both former chief executives, Alan “Ace” Greenberg, former chairman, and other senior staff denied wrongdoing, saying they agreed to the settlement “solely to eliminate the burden, expense, uncertainty and distraction of further litigation”.
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