EXHIBIT 99

Contact: Elizabeth Ventura
         (212) 272-9251
         eventura@bear.com

FOR IMMEDIATE RELEASE

                             $164.5 MILLION JUDGMENT
                         AGAINST BEAR STEARNS OVERTURNED

            NEW YORK - New York - September 20, 2002 - On Thursday, the United
States Court of Appeals for the Second Circuit overturned a district court
decision that upheld a jury verdict awarding Henry de Kwiatkowski, a former
customer of Bear Stearns, approximately $164.5 million in damages and interest
in May 2000. The Court of Appeals, in a three to zero opinion, reversed the
lower court's ruling against Bear Stearns, finding that Bear Stearns had acted
properly in all ways with respect to de Kwiatkowski's account and directed the
lower court to dismiss the case.

            "With this unanimous decision, the court vindicated what we have
always maintained -- that we acted appropriately with regard to our client. It
is clear that the court understood that this was an experienced, sophisticated
investor who comprehended the risks he was taking," said James E. Cayne,
chairman and chief executive officer of Bear Stearns. "Far more important than
the dollar amounts involved in the case however, was the potential impact this
judgment could have had on the brokerage industry and the relationship between
the individual investors who hold self-directed (non-discretionary) accounts and
their brokers."

            Mark E. Lehman, Bear Stearns' general counsel, added, "We are
extremely pleased with the Second Circuit's careful analysis of a broker's
duties and its decision that Bear Stearns acted properly in this situation. We
are grateful to the Second Circuit Court of Appeals for affirming our legal
position that, 'Bear Stearns was not negligent in performing any of the services
it did provide.'"

            Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the
parent company of Bear, Stearns & Co. Inc., a leading investment banking and
securities trading and brokerage firm serving governments, corporations,
institutions and individuals worldwide. With approximately $29.6 billion in
total capital, the company's business includes corporate finance and mergers and
acquisitions, institutional equities and fixed income sales, trading and
research, private client services, derivatives, foreign exchange and futures
sales and trading, asset management and custody services. Through Bear, Stearns
Securities Corp., it offers prime broker and broker dealer clearing services,
including clearing and securities lending. Headquartered in New York City, the
company has approximately 10,500 employees worldwide. For additional information
about Bear Stearns, please visit our Web site at http://www.bearstearns.com.