Most Of ERISA Suit Against State Street Tossed

By Ryan Davis

Law360, New York (March 17, 2010, 6:00 PM ET) -- A federal judge has thrown out most of a proposed Employee Retirement Income Security Act class action against State Street Corp., finding that most of the investment management company's allegedly misleading statements are not actionable.

Judge Patti B. Saris of the U.S. District Court for the District of Massachusetts on Monday partially granted State Street's motion to dismiss the suit without prejudice.

The suit, filed by former State Street employee Thomas U. Kenney in May, alleges the company concealed its exposure to high-risk investments, damaging participants...
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