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In the NewsEx-Bear Stearns Broker Wants $30 MillionInvestmentNews By Aaron Siegel September 5, 2006 Former Bear Stearns & Co. broker Mark Hurant is suing the firm for $30 million in damages after he was fired - along with eight other employees - in late 2003 shortly after New York State Attorney General Eliot Spitzer announced an investigation into the mutual-fund industry, according to published reports. Mr. Hurant, in an arbitration claim filed last week with NASD, is seeking $15 million in compensatory damages and $15 million in punitive damages, according to Jake Zamansky, a lawyer for Mr. Hurant, the Wall Street Journal reported. In a filing with regulators, the firm said Mr. Hurant was terminated "in connection with his activities related to mutual-fund trading including the timing of mutual-fund trading and market-timing related conduct." He maintains that his market-timing business was done with Bear Stearns' full knowledge and that his firing left him unemployable on Wall Street. Earlier in the year Bear Stearns paid $250 million to settle charges that the Wall Street firm aided in improper mutual-fund trading. | |
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