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NEW YORK (AP) - The Bear Stearns Cos. shareholders suing JPMorgan Chase & Co. over its planned takeover of the investment bank have withdrawn their request for an injunction to stop JPMorgan from voting its Bear shares in favor of the deal, JPMorgan confirmed in a regulatory filing Wednesday.
The plaintiffs have informed the court that they intend to pursue their claims, which include a claim for an unspecified amount of compensatory damages, in due course, the filing said.
As of April 15, JPMorgan held a 49.8 percent stake in Bear Stearns. JPMorgan has been steadily increasing its stake in Bear Stearns since agreeing to buy the troubled investment bank in March for $10 per share.
Under an amendment to the deal, Bear Stearns agreed to swap a 39.5 percent stake in itself, or 95 million shares, for JPMorgan stock. That transaction closed early last month.
JPMorgan shares lost 98 cents to $47.22 in afternoon trading.
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