In re State Street Corporation Securities Litigation
|Court:||United States District Court, District of Massachusetts|
|Judge:||Hon. George A. O’Toole|
|Class Period:||10/17/2006 - 10/21/2009|
|Case Contacts:||John C. Browne, Lauren McMillen Ormsbee|
This is a securities class action based on a series of alleged misrepresentations made by State Street over several years. In short, in the midst of the market turmoil of the past few years, State Street repeatedly made allegedly false statements about the quality of its own internal investment portfolio and the legality and sustainability of its revenues and profits. Following disclosures concerning these alleged mistatements, State Street's stock declined significantly.
On May 7, 2010, the Honorable Nancy Gertner of the District Court for the District of Massachusetts appointed Public Employees' Retirement System of Mississippi and Union Asset Management Holding AG as Lead Plaintiffs and BLB&G as co-Lead Counsel for the Class.
Lead Plaintiffs Entered Into Settlement for $60 million
On July 8, 2014, Lead Plaintiffs submitted to the Court a proposed Settlement that would resolve all claims in the Action in exchange for payment of $60 million in cash. With the consent of the parties, on July 10, 2014, Judge O’Toole referred to Magistrate Judge Judith G. Dein the responsibility to consider approval of the proposed Settlement and all matters relating to the proposed Settlement. Following a settlement hearing on November 20, 2014 Magistrate Judge Dein entered a Report and Recommendation on November 26, 2014 recommending approval of the Settlement, the Plan of Allocation and Co‑Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of expenses. On January 8, 2015, Federal District Judge George A. O’Toole, Jr. entered an Order Adopting Magistrate Judge Dein’s Report and Recommendation, a Final Judgment approving the Settlement, an order approving the Plan of Allocation, and an order awarding attorneys’ fees and expenses.
Important information about the Settlement is contained in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”). If you are a member of the Settlement Class defined in the Notice, your rights are affected by the Settlement. Please be sure to read the Notice to fully understand the effect of the Settlement on Settlement Class Members. You may obtain copies of the Notice and the Claim Form (no longer available) from the Case Documents page on this website.
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