Law360, New York (April 29, 2009, 12:00 AM ET) -- Financial services provider State Street Corp. is reportedly facing a probe from Massachusetts’ top securities regulator over claims the firm improperly marketed risky funds containing mortgage-backed securities as safe investments.
Secretary of the Commonwealth of Massachusetts William Galvin is investigating whether the company made "representations that were either flat-out untrue or potentially deceptive," according to the Wall Street Journal.
"It's one thing when we see a pension fund taking unreasonable risks, but it's worse when you have a pension fund attempting to do the right thing,...
Mass. To Probe State Street Over Risky Securities
To view the full article, take a free trial now.
