Bear Stearns is being sued by four securities litigation law firms that are representing institutional and retail customers in the sub-prime mortgage hedge funds that recently closed up shop.

The two funds are the Bear Stearns High Grade Structured Credit Strategies Master Fund and the High Grade Structured Credit Strategies Enhanced  Leverage Master fund. Last month, the two funds filed for bankruptcy protection in the Southern District of New York, wiping out nearly all investor capital.

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