An investor who lost millions of dollars when Bear Stearns collapsed—and his lawyers at Boies, Schiller & Flexner—can move forward with a securities fraud lawsuit against the failed investment bank and two of its top former executives, a federal judge in Manhattan has ruled.
In a 59-page decision on July 25 in Sherman v. Bear Stearns Cos., 09-civ-8161, Southern District Judge Robert Sweet concluded that “central questions remain” regarding investor Bruce Sherman’s allegations that Bear misrepresented both its financial condition and risks tied to its investments before its collapse in 2008, which some credit with helping to spark the global economic recession.
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