NEW YORK-- Bear Stearns Cos. has been sued for allegedly misleading investors about its exposure to subprime mortgages, CNBC television reported Wednesday.

The lawsuit, the first to be filed against Bear Stearns related to the collapse of two of its hedge funds, was brought by law firm Zamansky & Associates on behalf of a 73-year-old investor, the network reported.

Jake Zamansky, the firm's lead partner, could not immediately be reached for comment. Bear Stearns officials were also unavailable.

The report said an arbitration claim has been filed against Bear Stearns and members of its senior management, claiming Bear Stearns misled investors about hedge funds' exposure to subprime risk.

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