State Street Failed To Disclose Fraud: Shareholder

Law360, New York (December 21, 2009, 2:56 PM EST) -- Financial services firm State Street Corp., which was publicly accused in October of overcharging two California pension funds for foreign currency trades, has been hit with a shareholder class action alleging the company's cover-up of the scheme damaged investors.

Timothy W. Hill filed the suit Friday in the U.S. District Court for the District of Massachusetts, saying State Street violated federal securities laws by failing to disclose the scheme, which caused a precipitous drop in State Street's stock value after the California action was revealed....
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