State Street, Pension Plans Reach $90M Settlement

Law360, New York (September 21, 2009, 3:17 PM EDT) -- A class of plaintiffs in a multidistrict litigation accusing State Street Bank & Trust Co. of mismanaging hundreds of millions of dollars in retirement plans has proposed a preliminary settlement of $89.75 million.

The plaintiffs — managers of retirement plans for insurance and publishing companies — submitted a settlement proposal Friday in the U.S. District Court for the Southern District of New York that would recover about 58 percent of the losses caused by State Street's alleged mismanagement.

According to the plaintiffs, State Street took high-stakes...
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