Bear Stearns Wins $60-Million Settlement: Jardine Strategic...
From Times Staff and Wire Reports
Bear Stearns Wins $60-Million Settlement: Jardine Strategic Holdings Ltd. of Hong Kong agreed to pay $60 million to shareholders of Bear Stearns Cos. to settle a lawsuit brought by the New York-based brokerage company. Bear Stearns had accused Jardine of reneging on a promise to buy 20% of the firm just after the October, 1987, stock market crash. Jardine agreed to the settlement three weeks into a jury trial in a New York state court. The money will be distributed to individuals who owned Bear Stearns stock as of Oct. 23, 1987.
