[M] ' All rise for the Hon. Vanesa Susanto. [pause] Please sit, court is now in session.
[V] Judge: Will the parties in the matter of the people vs. Bear Stearns and their executive team please step forward. [pause] We will now hear from the plaintiff.
[J] Jinny Lawyers: Your majesty, we Jinny Lawyers are here to file a lawsuit on behalf of the participants and beneficiaries of Bear Stearns alleging violations of the firm against its employees. The lawsuit seeks to recover on behalf of the Plan, and its aggrieved participants, losses in connection with the devaluation of Bear Stearns Incorporated stock.
We believe that organisational and team structure and dynamics can influence team effectiveness. Hence we will argue that the culture, compensation strategies and leadership styles of BEAR STEARNS were crucial in leading to their failure.
[V] Judge: And what says the defendant on the matter?
[L] RC Morgan Lawyers: Your honour, we RC Morgan lawyers are here to defend Bear Stearns Incorporated and its executive management team, because we believe that our clients have not breached any laws or regulations. We believe that the collapse of the company and the consequent bail out by the Federal Government and its merger with JP Morgan has been a result of a bit of bad luck in an incredibly volatile market facing economic downturn. We believe that our executive team did everything possible to manage this situation with the upmost integrity, ethical intentions and honesty.
[M] BEAR STEARNS member (shouts): Liars, you told me you could give me everything and then you took everything from me! I have had to sell my house and my Porsche and send my kids to public schools…. You bastards!
[V] Judge; Order, order in the court. I will not tolerate this behaviour in my courtroom. Please contain yourself or I will have to ask you to leave. In regards to matter number one regarding the culture of BEAR STEARNS, will Jinny Lawyers &... [continues]
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