Bear Stearns Investors Withdraw Injunction Request

NEW YORK -- Bear Stearns Cos. Inc. shareholders suing over the planned JPMorgan Chase & Co. takeover have withdrawn a request for a preliminary injunction to stop the deal, an attorney for the plaintiffs said on Wednesday, Reuters reported.

The plaintiffs' lawsuit in New York State Supreme Court will go forward, although it will now focus on trying to get monetary damages on behalf of Bear Stearns shareholders, said Daniel Krasner, a senior partner at law firm Wolf Haldenstein Adler Freeman & Herz LLP, Reuters reported.

He said that based on preliminary estimates, plaintiffs could seek damage claims of at least $2.8 billion in the lawsuit. JPMorgan is offering $10 a share for Bear Stearns shares, which Krasner said should be valued at a minimum of $30 each, Reuters reported.

-- NYSSCPA.org News Staff

Posted on 5/7/08