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BofA Hedge Fund Suit Against Bear Stearns Dismissed

law 360 – A New York federal judge dismissed a lawsuit accusing two former Bear Stearns Cos. hedge fund managers of deceiving Bank of America NA into entering into a costly, failed transaction, ruling Tuesday that the bank couldn’t prove proximate cause due to inadmissible expert testimony.

U.S. District Judge Alison J. Nathan decided that financial economist Dr. Mukesh Bajaj’s testimony, upon which Bank of America relied to prove its fraud and breach of fiduciary claims, couldn’t be admitted because his methodology was unreliable.

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