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Friday, February 10, 2012

State Street Breached Fiduciary Duties By Investing In Subprime Mortgages

NEW YORK - State Street breached its fiduciary obligations under the Employee Retirement Income Security Act by investing in "undisclosed, highly leveraged positions in mortgage-related financial derivatives," a federal judge in New York ruled Feb. 3 in awarding Prudential Retirement Insurance and Annuity Co. $28 million in damages (In re State Street Bank and Trust Co. Fixed Income Funds Investment Litigation [Prudential Retirement Insurance and Annuity Co. v. State Street Bank and Trust Company, et al.], MDL No. 11945, No. 07-8488, S.D. N.Y.; 2012 U.S. Dist. LEXIS 13556). From Mealey's Litigation Report: ERISA

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1. Related Court Documents on MealeysOnline:
2. Memorandum and order. Document #54-120208-047Z.