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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-19-07 07:24 AM
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13. Bruised Bear hedge fund investors mull legal action

NEW YORK (Reuters) - Some aggrieved investors are turning to lawyers to pursue possible legal claims stemming from losses at two Bear Stearns Cos. (NYSE:BSC - news) hedge funds that were virtually wiped out from large, illiquid bets on risky mortgages.

One lawyer who handles cases against financial firms said on Wednesday that he had been retained by two investors in the funds -- a family office and a fund of funds he would not identify -- to explore potential lawsuits.

"They are shocked and angered by the losses," said lawyer Ross Intelisano, of Rich & Intelisano in New York. "They were under the impression that at least for that fund (that they were invested in) that the losses were much milder."

Bear Stearns said in a letter to clients on Tuesday that there was "effectively no value" left for investors in its High-Grade Structured Credit Strategies Enhanced Leverage Fund and "very little value" remaining in the High-Grade Structured Credit Strategies Fund. A copy of the letter was obtained by Reuters.

CNBC reported on Wednesday that Bear Stearns had hired several outside law firms as it braces for investor litigation. It said the Wall Street firm had hired WilmerHale to represent it before the U.S. Securities and Exchange Commission and shareholders, another to represent the board of directors and audit committee and another to represent the funds themselves.

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  -STOCK MARKET WATCH, Thursday July 19 UpInArms  Jul-19-07 07:00 AM   #0 
  - Thanks UIA, we armature economists love this post.  fasttense   Jul-19-07 07:04 AM   #1 
  - Ozy's internet connection died  UpInArms   Jul-19-07 07:06 AM   #3 
  - OK, that sucks  Warpy   Jul-19-07 09:08 AM   #29 
  - Is that amateur or arm chair economists?  TheBorealAvenger   Jul-19-07 12:00 PM   #39 
     - Hiya TheBorealAvenger!  UpInArms   Jul-19-07 01:03 PM   #44 
  - Today's Market WrapUp  UpInArms   Jul-19-07 07:05 AM   #2 
  - Today's Reports:  UpInArms   Jul-19-07 07:11 AM   # 
  - Initial Claims in at 301,000  UpInArms   Jul-19-07 07:33 AM   #14 
  - July Leading Indicators fall 0.3%  UpInArms   Jul-19-07 09:11 AM   #30 
  - U.S. Economic Growth Slowing  Ghost Dog   Jul-19-07 10:37 AM   #35 
  - July Philly Fed in at 9.2 - down from 18 in June (sucking pondwater)  UpInArms   Jul-19-07 11:05 AM   #37 
  - FOMC - don't worry be happy!  UpInArms   Jul-19-07 01:03 PM   #43 
  - Market Watch  Buttercup McToots   Jul-19-07 07:11 AM   #4 
  - Yes: signs of the times. But the "all-too-real war" (in Iraq) is not war.  Ghost Dog   Jul-19-07 07:43 AM   #16 
  - Asian Stocks Rise for First Day in Four  Ghost Dog   Jul-19-07 07:11 AM   #5 
  - China's Economy Grows at Fastest Pace in 12 Years  Ghost Dog   Jul-19-07 07:23 AM   #11 
  - Steel and finance bolster Tokyo shares  Ghost Dog   Jul-19-07 08:52 AM   #25 
  - Chinese city banks make debut splash  Ghost Dog   Jul-19-07 08:54 AM   #27 
  - European stocks recover  Ghost Dog   Jul-19-07 07:12 AM   #6 
  - Bourses extend gains on strong earnings  Ghost Dog   Jul-19-07 03:52 PM   #50 
     - FTSE ends higher after miners rise  Ghost Dog   Jul-19-07 03:52 PM   #51 
  - Credit Suisse sees big stock market fall in 6 mths  Ghost Dog   Jul-19-07 07:14 AM   #7 
  - It's gonna go up, then it's gonna go down, then a longer bull market will resume  TheBorealAvenger   Jul-19-07 12:09 PM   #40 
     - This fall, will be this fall. It will be ginourmous.  Neshanic   Jul-19-07 12:21 PM   #41 
        - And somehow reflected in the futures prices...more shrugging  TheBorealAvenger   Jul-19-07 12:25 PM   #42 
  - dollar watch  UpInArms   Jul-19-07 07:16 AM   #8 
  - Future euro strength a worry - EU's Almunia  Ghost Dog   Jul-19-07 07:18 AM   #9 
  - $80.18 at 9:27am  DemReadingDU   Jul-19-07 08:27 AM   #18 
  - Canada's Dollar Approaches 30-Year High After Wholesale Sales  Ghost Dog   Jul-19-07 08:29 AM   #19 
  - Daily Pfennig 7/19/07: The Time to Buy Is Now...  mojavekid   Jul-19-07 10:13 AM   #33 
  - FXCM SSI: Nearly 74 percent of Retail Traders Remain Short Euros  Ghost Dog   Jul-19-07 10:46 AM   #36 
  - Sterling slips after below-consensus UK retail sales  Ghost Dog   Jul-19-07 10:35 AM   #34 
  - Dollar edges lower amid housing market concerns  UpInArms   Jul-19-07 01:10 PM   #46 
  - China GDP growth jumps to 11.9 percent  UpInArms   Jul-19-07 07:21 AM   #10 
  - OMG. And to think we're surging in the opposite direction.  Gregorian   Jul-19-07 11:36 AM   #38 
  - Ex-press baron Black seeks freedom before sentence  UpInArms   Jul-19-07 07:23 AM   #12 
  - Bruised Bear hedge fund investors mull legal action  UpInArms   Jul-19-07 07:24 AM   #13 
  - Dow Jones director Li may face charges in U.S. probe  UpInArms   Jul-19-07 07:35 AM   #15 
  - Economists see aid to poor nations as ineffective  Ghost Dog   Jul-19-07 08:19 AM   #17 
  - 9:32 EST and the markets open with a surge of love  UpInArms   Jul-19-07 08:33 AM   #20 
  - Losing the American dream  DemReadingDU   Jul-19-07 08:34 AM   # 
  - Something about this article doesn't ring true....  KoKo01   Jul-19-07 09:22 AM   #31 
     - Yeh, where are they getting those income numbers?  DemReadingDU   Jul-19-07 09:51 AM   #32 
     - Wait a second...  Prag   Jul-19-07 02:52 PM   #48 
  - ...and #5  Viva_La_Revolution   Jul-19-07 08:34 AM   #21 
  - "Chopper" Ben goes on autopilot drone for Capitol Hill testimony  UpInArms   Jul-19-07 08:37 AM   #22 
  - Subprime losses could cost $100 billion-Bernanke  UpInArms   Jul-19-07 01:08 PM   #45 
  - Bank of America profit up 5 pct, bad loans soar  UpInArms   Jul-19-07 08:41 AM   #23 
  - Harley calls consumer credit picture 'challenging'  UpInArms   Jul-19-07 08:42 AM   #24 
  - MW: Gold futures edge up; copper rallies  mojavekid   Jul-19-07 08:53 AM   #26 
  - Tin rises to an all-time high  Ghost Dog   Jul-19-07 03:54 PM   #52 
  - LAT: Housing skid beginning to affect Southland rents  mojavekid   Jul-19-07 09:08 AM   #28 
  - 14,000! Closing above the 14K today?  Nimrod2005   Jul-19-07 02:25 PM   #47 
     - here you go 14,000.41 Dow Closed  UpInArms   Jul-19-07 03:14 PM   #49 
        - Let's see....  AnneD   Jul-19-07 08:06 PM   #53 

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