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$111-Million Verdict Against Bear Stearns

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May 17, 2000|Bloomberg News

Bear Stearns Cos. must pay Canadian investor Henryk de Kwiatkowski $111.5 million for failing to warn him of the risks of foreign currency speculation, a federal jury in New York ruled. De Kwiatkowski sued the New York investment bank in 1996, claiming that the firm's investment advisors, including managing director Albert Sabini, were negligent for allowing him to buy $6.5 billion worth of foreign currency futures in 1994. The jury agreed that the firm was negligent but did not make a similar finding with respect to Sabini, who was also a defendant in the case. Bear Stearns said it will appeal.

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