NEW YORK, March 17 (Reuters) - The Massachusetts pension fund is reviewing whether to sue Bear Stearns BSC.N to recover money it lost as a result of the plunge in the investment bank's stock, a state official with the fund said on Monday.

The $54 billion pension fund routinely conducts analyses of its legal options in such cases, he said. The fund owned stock valued at $24 million in Bear Stearns, which has agreed to be bought by JPMorgan Chase (JPM.N: Quote, Profile, Research) for $2 a share

(Reporting by Joan Gralla; Editing by Dan Grebler)