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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The officials say the companies will compensate investors who bought Bear Stearns stock and other equity securities and options between Dec. 14, 2006, and March 14, 2008.
The State of Michigan Retirement Systems holds about $50.3 billion in assets.
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