State Street Tries To Pare Subprime MDL Suit

Law360, New York (March 25, 2011, 6:55 PM EDT) -- An attorney for State Street Corp. asked a New York federal judge Friday to toss a suit from multidistrict litigation over alleged misrepresentations of a mutual fund's subprime investments, arguing that investor behavior would not have changed with additional prospectus information.

Even if State Street's prospectus had provided more information about the SSgA Yield Plus Fund's exposure to subprime assets, investors would not have acted any differently, John D. Donovan Jr. of Ropes & Gray LLP, an attorney for State Street, told Judge Richard J. Holwell...
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