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WASHINGTON (AP) - Wall Street firm Bear, Stearns & Cos., facing a regulatory probe into improper mutual-fund trading, said it increased its legal reserves by $100 million, a move that will hurt its second-quarter bottom line.
Bear Stearns said in a Securities and Exchange Commission filing that it has been notified that SEC staff will recommend that the commission bring a civil enforcement action against Bear Stearns over a financing deal with a client.
Net income for the second quarter ended May 31 falls to $298.1 million, or $2.09 a share, from earlier reported preliminary net income of $365.1 million, or $2.56 a share, the company said Monday in an SEC filing.
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