Lawyers have filed a legal claim against Bear Stearns and Bear Stearns Asset Management contending the firms misled investors in Bear Stearns hedge funds about the funds' exposure to subprime risk, reports Reuters. Arbitration was filed Wednesday morning by Jacob Zamansky of Zamansky & Associates and Ross Intelisano of Rich & Intelisano on behalf of a 73-year-old retired insurance salesman who lost $500,000, according to the man’s lawyers. Zamansky said that his firm has been contacted by a number of investors in the funds and that more claims will likely come to arbitration. “We expect to file claims in excess of $100 million in losses,” he said.
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