US - The State of Michigan has been appointed lead plaintiff against a class action suit to be brought against failed banking giant Bear Stearns and five current and former executives and directors.
Michigan Attorney General Michael Cox said: "We are fighting to ensure families are not cheated out of their pensions."
Cox added: "I will do everything I can to ensure Bear Stearns is held responsible for misleading investors."
Various media reports in the US said Michigan and Massachusetts had been vying for the high profile position of lead plaintiff. Officials at the office of Timothy Cahill, Massachusetts State Treasurer could not be reached for comment.
Pension funds across the country lost money during Bear Stearn's collapse. The State of Michigan Retirement Systems lost US$62m through its investments with Bear Stearns, according to the release issued by Cox.
Officials a the Pennsylvania Public Schools Retirement System plan to be a part of any class-action suit brought against the firm, said spokeswoman Evelyn Tatkovski. She could not immediately provide details about losses associated with Bear Stearns.
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