The Bear Stearns saga isn't over yet

Remember how Bear Stearns kicked off the summer market misery when it announced subprime losses back in July? Well, shareholders of one of the funds are now out for revenge...

Did you think the Bear Stearns hedge fund drama of the summer was over? We may see a low-budget sequel.

The Financial Times reports that aggrieved shareholders of one of the failed Bear funds, High-Grade Structured Credit Strategies Enhanced Leverage (Overseas), have assumed control. US based investors get to vote on Friday (no guess as to outcome, but the success in London would seem to bode well for the US owners). The Wall Street Journal discusses in more detail the lawsuit filed by the Massachusetts securities regulator alleging improper trading and conflicts of interest, charges which apparently resemble the ones made by the London shareholders.

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