A group of confidential witnesses cited in a securities class action complaint against Bear Stearns are not going to be confidential for much longer.
On Jan. 27, Southern District Judge Robert Sweet ruled in In re Bear Stearns Companies Inc. Securities, Derivative, and ERISA Litigation, 08 Civ. 2793, that plaintiffs lawyers at Berman DeValerio and Labaton Sucharow cannot rely on the attorney work-product privilege to shield the identities of their witnesses from Bear Stearns. The defunct investment giant’s lawyers at Paul, Weiss, Rifkind, Wharton & Garrison had written to the judge on Jan. 5 to contest the plaintiffs lawyers’ refusal to disclose the witnesses’ identities during discovery. Judge Sweet treated the letter as a motion to compel and heard oral arguments on Jan. 25.
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