Law Firm's ERISA Suit Against State Street Tossed

Law360, New York (March 29, 2010, 1:49 PM EDT) -- A New Orleans law firm has lost a proposed class action alleging State Street Corp. used funds from its clients' retirement plans to engage in reckless securities lending that lost the plans millions of dollars.

Judge Patti B. Saris of the U.S. District Court for the District of Massachusetts granted State Street's motion to dismiss the case Thursday after concluding that Fishman Haygood Phelps Walmsley Willis & Swanson LLP lacked standing.

The law firm had claimed that State Street and certain affiliates violated the Employee Retirement...
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