Law Firm Sues State Street Over Risky Lending

Law360, New York (April 8, 2009, 12:00 AM EDT) -- A New Orleans law firm has filed a class action against State Street Corp., alleging the institutional money manager used funds from its clients' retirement plans to engage in reckless securities lending that lost the plans hundreds of millions of dollars over the past year.

In a complaint filed Tuesday in the U.S. District Court for the District of Massachusetts, Fishman Haygood Phelps Walmsley Willis & Swanson LLP sued State Street and several of its investment management affiliates for violating their fiduciary responsibilities under the Employee...
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