Final Defendant Tossed From Delphi MDL

Law360, New York (March 23, 2009, 12:00 AM EDT) -- Ending long-running multidistrict litigation related to the 2005 bankruptcy of auto parts supplier Delphi Corp., a federal judge has dismissed all remaining claims against State Street Bank and Trust Co. accusing the bank of violating its fiduciary duties to participants in Delphi’s retirement plan.

Judge Gerald E. Rosen of the U.S. District Court for the Eastern District of Michigan ruled Wednesday that State Street was a directed trustee of the plan's assets, with limited duties and subject to the direction of the overall investment manager for...
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