Bear Stearns shareholders drop restraining order

Bear Stearns Cos. shareholders suing over the planned J.P. Morgan Chase & Co. takeover have withdrawn a request for a preliminary injunction to stop the deal and will sue for damages instead.

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Investors that requested a restraining order to block J.P. Morgan's takeover include Wayne County Employees Retirement System of Michigan, the Police and Fire Retirement System of Detroit and the Louisiana Municipal Police Employees' Retirement System. The premise for the lawsuit was that management violated its fiduciary duties to shareholders in agreeing to the deal.

The Greek Orthodox Archdiocese Foundation of New York also filed an injunction, and that complaint will go forward on Thursday, according to a Reuters article. - Maria Woehr

Also see Dealscape: Bear Stearns lawsuits start rolling in
See Dealscape: Bear Stearns shareholders file suit
See Dealscape: Bear Stearns lawsuits: Who are these guys anyway?

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