Deloitte settles Bear Stearns shareholder lawsuit [Reuters]
Deloitte & Touche LLP agreed to pay $19.9 million to settle litigation brought by former Bear Stearns Cos shareholders who claimed they were misled about the investment bank's deteriorating health by its former auditor. The all-cash settlement was disclosed late Monday in the U.S. district court in Manhattan. It was announced five days after JPMorgan Chase & Co (JPM.N), which bought Bear in 2008, agreed to a $275 million settlement to resolve claims against Bear and several one-time Bear executives, including two former chief executives, James Cayne and Alan Schwartz, and a former chairman, Alan "Ace" Greenberg. Both settlements require approval by U.S. District Judge Robert Sweet in Manhattan. The defendants did not admit wrongdoing. Jonathan Gandal, a Deloitte spokesman, said: "We are pleased to resolve this matter to avoid the expense, distraction and uncertainty of continued litigation."
Succeeding Steve Terry who was OMP for 11 years and will now lead Portland's assurance practice.
“The point is there are going to be votes on continuing everything versus not continuing everything,” [Norquist] said. “It is going to be clear that there are competing visions: One without a tax increase and one with a tax increase. And you either voted to raise taxes, let them lapse, or not to raise taxes — or replace a tax cut that disappeared, or not replace it.”
"I have zero interest," [Bob] Shanks said of becoming CEO. "I'm in the job I should be in."
