A letter from Bear Stearns sent to clients this week said that there was "effectively no value" left in the High-Grade Structured Credit Strategies Enhanced Leverage Fund and that the High Grade Structured Credit Strategies Fund had "very little value" remaining.
However, according to a recent report, a lawyer who specialises in lawsuits involving financial companies said that two investors had approached him with a view to mounting legal action to recover their investments.
The lawyer, Ross Intelisano, of Rich & Intelisano, told Reuters: "They [his clients] are shocked and angered by the losses. They were under the impression that at least for that fund [that they were invested in] that the losses were much milder."
Mr Intelisano added that the clients were a family office and a fund of funds but did not provide any further information as to their identities.
The article also stated that another lawyer Jacob Zamansky of Zamansky & Associates had been approached by the funds' aggrieved investors.
The funds' losses came after both bet heavily on risky sub-prime home loans.