Bear Stearns Announces Filing of Complaint to Vacate Arbitration Decision and Award.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--January 29, 2002 Bear, Stearns & Co. Inc. (BSC (Binary Synchronous Communications) See bisync. ), in conjunction with M.H. Meyerson & Co., Inc. (MHMY), today announced that the firm has filed a complaint in the Superior Court of New Jersey to vacate the decision and to vacate entirely the award of $5 million in an NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). arbitration proceeding with regard to the transfer of shares of Whitehall Enterprises, Inc. The NASD has been notified of the filing of the motion to vacate the award and all damages. The use and public necessity for transferring shares of stock by the effects of Powers of Attorney has been an important public policy and process, which the arbitrators have ignored by their unsupportable decision. The law firm of Siegel & Siegel Attorneys, counsel to Bear Stearns and M.H. Meyerson, has expressed their confidence that the decision and award will be set aside. Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC). With approximately $29.8 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer services, including securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 10,500 employees located in offices worldwide. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com. Forward looking statement: Statements in this news release looking forward in time are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the performance of contracts, the process of regulatory approval and supervision, potential acquisitions, consumer and industry acceptance, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and the volatility of domestic securities markets. |
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