Vultures See Opportunity, Set Up Website


Did you get ripped off by Bear Stearns? A bunch of lawyers are here to help you (and, because why not, themselves). Maddox Hargett, Aidikoff, Uhl & Bakhtiari, David P. Meyer & Associates, and Boyd Page have banded together and set up a one-stop shop for anyone in the mood to throw some lawsuits and arbitration claims Bear’s way, for reasons ranging from “their failure to execute trades that would do the opposite of lose money left me with nothing” to “their failure to execute trades that would do the opposite of lose money they left me with *practically* nothing.” The group has even set up a website, www.bearstearnshedgefundlitigation.com, to attract potential clients, of which a ballpark estimate tells us there are many. (It’s also nice see they came up with a name just as painful to utter as the two funds in question. Care is in the details, people).
“Bear Stearns told its clients that the fund were back by fixed-income securities of which 90% of the portfolio were AAA to AA- rated by Standard & Poor’s,” said Mark Maddox told FINalternatives. “The collapse of the Bear Stearns funds over the last couple of months is stunning.” According to Maddox, the lawyerly quartet has already lined up “a couple of clients,” whose complaints will be filed within 30 days.
Legal Eagles Seek Clients For Bear Suits [FINalternatives]