LANSING, Mich. — Michigan officials say the state's pension plans will share in a $295 million settlement of a nationwide class action fraud lawsuit against Bear Stearns and Deloitte & Touche over sale of mortgage-backed securities.
Attorney General Bill Schuette and State Treasurer Andy Dillon said Tuesday that a federal judge in the southern district of New York tentatively approved the deal. Michigan is lead plaintiff.
Schuette and Dillon say Judge Robert Sweet will hold a hearing to finalize the settlement Sept. 19. They say the size of Michigan's cut isn't yet known.
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