Four plaintiffs securities litigation law firms have joined together to represent institutional and retail customers of Bear Stearns and purchasers of Bear Stearns Companies, Inc.’s subprime mortgage hedge funds which have recently collapsed.
The funds being targeted are the Bear Stearns High Grade Structured Credit Strategies Master Fund and the High Grade Structured Credit Strategies Enhanced Leverage Master fund.
On July 31, 2007 the two Bear Stearns hedge funds filed for bankruptcy protection in the Southern District of New York.
The associated law firms are Aidikoff, Uhl & Bakhtiari; Maddox Hargett & Caruso, P.C., David P. Meyer & Associates Co., LPA and Page Perry, LLC. The firms represent the interest of institutional and retail investors in disputes against Wall Street banks like Bear Stearns.
“Bear Stearns told its clients that the funds were backed by fixed income securities of which 90 percent of the portfolio were AAA to AA- rated by Standard and Poors,” said Mark Maddox, a former Indiana Securities Commissioner, and partner in Maddox, Hargett & Caruso. “The collapse of the Bear Stearns funds over the last couple of months is stunning.”