SEC Fingers Ex-State Street Execs In Subprime Case

Law360, New York (September 30, 2010, 4:10 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday accused two former State Street Bank and Trust Co. employees of misleading investors about the riskiness of a fund that was heavily invested in subprime securities.

The agency brought administrative proceedings against John P. Flannery, who was chief investment officer at State Street, and James D. Hopkins, the former head of product engineering for North America, for drafting a series of misleading communications about the fund to investors beginning in July 2007.

The charges follow State Street’s own...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.