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June 12, 2012

Deloitte settles in Bear Sterns suit

Deloitte is to pay $19.9m in a settlement following a lawsuit brought by shareholders of former investment bank Bear Sterns, alleging Deloitte helped to mislead them over the bank’s financials.

In the suit shareholders accused Deloitte of misstatements in Bear Sterns audits in 2006 and 2007.

JPMorgan, which bought Bear Sterns as the share prices of the investment bank plunged in 2008, has already agreed to a $275m settlement to the same group of shareholders.

Both settlements are still subject to approval by the New York District Court.

 

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