Among the many lawsuits spawned by the Bear Stearns Cos. debacle is this interesting one that landed in L.A. court Thursday: One of Bear’s billionaire Beverly Hills clients is alleging that he and his wife were duped into buying shares in the brokerage immediately before its near-collapse March 16.
The case, filed in Los Angeles County Superior Court, alleges fraud and breach of fiduciary duty, and names as defendants Bear Stearns, broker Joey Zhou, and Garrett Bland, a senior managing director in Bear’s Century City office. None of the defendants could be reached for comment Thursday.
Sounds like Stephen Colbert may want to join the Plaintiff in this case.
Beverly Hills billionaire alleges Bear Stearns duped him
The Los Angeles Times