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S.E.C. v. BEAR, STEARNS & CO. INC.

No. 03 Civ. 2937 (WHP).

626 F.Supp.2d 402 (2009)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. BEAR, STEARNS & CO. INC., Defendant.

United States District Court, S.D. New York.

June 10, 2009.

Attorney(s) appearing for the Case

S.E.C., Asst. Chief Litigation Counsel, Antonia Choin, Luis R. Mejia, Securities and Exchange Commission, James Andrew Meyers, Orrick, Herrington & Sutcliffe, LLP, Washington, DC, for Plaintiff.

Dennis J. Block, Cadwalader, Wickersham & Taft LLP, New York, NY, for Defendant Bear, Stearns & Co. Inc.

Sarah Loomis Cave, Hughes Hubbard & Reed LLP, New York, NY, for Defendant Lehman Brothers, Inc,

Dixie L. Johnson, Fried, Frank, Harris, Shriver & Jacobson, New York, NY, for Defendant Merrill, Lynch, Pierce, Fenner & Smith, Inc.

Mitchell A. Lowethal, Cleary Gottlieb Steen & Hamilton LLP, New York, NY, for Defendant UBS Securities LLC.

MEMORANDUM AND ORDER

WILLIAM H. PAULEY III, District Judge:

Six years after the Securities and Exchange Commission's ("SEC") much-heralded announcement of the "Global Research Analyst Settlement," more than $79 million intended for aggrieved investors cannot be distributed and continues to accrue interest. This predicament should have been anticipated by the parties prior to bringing these cases and the proposed consent judgments to Court. The quandary of...

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