State Street Under Fire From Another Dutch Fund

Law360, New York (December 18, 2009, 5:13 PM EST) -- A Dutch pension fund has brought a breach of fiduciary duty, securities fraud and breach of contract lawsuit that accuses a State Street Corp. unit of improperly transferring about €39 million to Lehman Brothers Holdings Inc., only to lose that money when the investment bank imploded.

Stichting Pensioenfonds British American Tobacco, which manages a pension fund for employees of certain British American Tobacco companies operating in the Netherlands, filed its suit Thursday in the U.S. District Court for the District of Massachusetts. Two other Dutch pension...
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