Dutch Pension Fund Sues State St. For Lehman Freeze

Law360, New York (June 23, 2009, 12:00 AM EDT) -- State Street Corp. is facing a lawsuit from a Dutch pension fund claiming that the bank invested more than $40 million in a European unit of Lehman Brothers Holdings Inc. without informing the fund, and now the money is frozen in bankruptcy proceedings.

Stichting Pensioenfonds Yara Nederland, the pension fund for Dutch agricultural producer Yara International ASA, said in a lawsuit filed in the U.S. District Court for the District of Massachusetts that State Street engaged in “deceptive, imprudent and incompetent performance of its obligations as...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.