Bear Stearns to repay millions to collapsed hedge fund

Bear Stearns has been ordered to repay at least $125.1 million to the collapsed Manhattan Investment hedge fund for failing to report alleged fraud that could have cost investors up to $400 million.

The bank delayed for a year reporting the hedge fund’s overstating of its accounts, which went on for more than three years after its incorporation in 1996. In August 1999, the fund’s net value was stated at more than $426 million, but in reality it was worth less than $28 million, according to the

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