Bear Stearns Mortgage Backed Securities Investor Securities Class Action Lawsuit 08/20/2008

If you purchased shares of Bear Stearns Mortgage Loan Pass-Through Certificates, you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Bear Stearns
Case Name: 
Bear Stearns Class Action Lawsuit 08/20/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: BSC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/20/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
02/19/2015
Settlement Amount: 
$500,000,000
Deadline to Participate in Settlement: 
07/06/2015
Summary: 

The settlement in this case is in reference to the following securities and dates:

If (i) prior to July 9, 2009, you purchased or otherwise acquired offered residential mortgage-backed securities (“RMBS”) pursuant or traceable to offerings BALTA
2006-5, BALTA 2006-6, BALTA 2006-7, BALTA 2006-8, BALTA 2007-1, BSARM 2006-4, BSARM 2007-1, or BSARM 2007-3, and were damaged thereby; (ii) prior to August 20, 2008, you purchased or otherwise acquired offered RMBS pursuant or traceable to offering BSMF 2006-AR1, and were damaged thereby; or (iii) prior to May 15, 2009, you purchased or otherwise acquired offered RMBS pursuant or traceable to offerings BSMF 2006-AR2, BSMF 2006-AR3, BSMF 2006-AR4, BSMF 2006-AR5, BSMF 2007-AR1, BSMF 2007-AR3, SAMI 2006-AR4, SAMI 2006-AR5, SAMI 2006-AR6, SAMI 2006-AR7, SAMI 2006-AR8, SAMI 2007-AR1, or SAMI 2007-AR2, and were damaged thereby.

May 27, 2015 - The court held a final settlement hearing, approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

February 19, 2015 - The court preliminarily approved the settlement.

February 2, 2015 - Parties filed a stipulation of settlement.

March 30, 2012 - The court granted the defendants' motion to dismiss without prejudice and granted lead plaintiffs leave to file an amended complaint.

December 3, 2010 - The defendants filed a motion to dismiss.

October 29, 2010 - The lead plaintiffs filed a third amended complaint.

September 9, 2010 - The court denied the defendants' motion to dismiss without prejudice to renewal as against the amended complaint and granted lead plaintiffs leave to file an amended complaint.

April 27, 2010 - The defendants filed a motion to dismiss.

April 26, 2010 - The court terminated the defendants' motions to dismiss.

April 21, 2010 - The defendants filed motions to dismiss.

February 19, 2010 - The lead plaintiffs filed a consolidated complaint.

December 23, 2009 - The court appointed co-lead plaintiffs and all cases consolidated.

November 10, 2009 - Additional lead plaintiff motions were filed.

July 2, 2009 - Another investor filed a complaint.

May 15, 2009 - The lead plaintiff filed an amended complaint.

May 5, 2009 - The court ordered the substitution of lead counsel.

January 26, 2009 - The lead plaintiff and lead counsel were appointed.

January 12, 2009 - A lead plaintiff motion was filed.

September 18, 2008 - The case was removed to the U.S. District Court for the Southern District of New York.

August 20, 2008 - An investor in shares of Bear Stearns Mortgage Loan Pass-Through Certificates filed a lawsuit in the Supreme Court of the State of New York, County of New York against Bear Steams Mortgage Funding Trust 2006-ARl, Structured Asset Mortgage Investments II Inc and JPMorgan Chase Inc over alleged violations of Federal Securities Laws on behalf of investors pursuant to the offering of $973,112,000 of Mortgage Loan Pass-Through Certificates, Series 2006-AR1 Groups I and II, issued by Bear Stearns Mortgage Funding Trust 2006-AR1 on or about July 28, 2006 in connection with certain allegedly false and misleading statements.

The complaint alleges that, based upon an investigation of a Securities and Exchange Commission filings by Structured Asset Mortgage Investments II Inc, EMC Mortgage Corporation and Bear Stearns Mortgage Funding Trust 2006-ARI, as well as regulatory filings and reports, ratings agency reports and advisories about Bear Stearns & Co, Inc, EMC Mortgage Corporation and Bear Stearns Mortgage Funding Trust 2006-ARI, press releases and other public statements issued by the ratings agencies about Bear Stearns, EMC Mortgage Corporation, and 13SWT, and their own internal investigation, the plaintiff believes that substantial additional evidentiary support will exist for the allegations set forth herein after reasonable opportunity for discovery.