Michigan Retirement System filed a securities class-action lawsuit against investment bank Bear Stearns and its outside auditor, Deloitte & Touche, alleging Bear Stearns’ executives made misleading statements regarding the firm’s financial stability in the leadup to the 2008 financial crisis. The plaintiffs claimed that Bear Stearns, aided by Deloitte, inflated its stock price through several misrepresentations in the valuation of its mortgages that eventually hid the losses in the housing market. Several pending class actions related to the March 2008 collapse of Bear Stearns were consolidated into a single case in 2009. In June 2012, a proposed settlement was reached in which Deloitte denied any wrongdoing and agreed to pay $19.9 million.