Bear Stearns On The Hook For $80 Million (Or Approximately 40 Million Shares Of Bear Stearns)
"Bear Stearns' liquidity problems and plummeting stock price were not its only significant setbacks of the past week. The New York Court of Appeals also ruled against the struggling investment bank in a closely watched insurance dispute, holding that the bank's failure to obtain its insurers' consent before settling a conflict-of-interest dispute for $80 million constituted a breach of contract. Bear Stearns' insurers, the Court ruled, are therefore not obligated to pay its claims." [NYL]
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