Judge Nixes Final Claim In State Street ERISA Suit

Law360, New York (December 10, 2010, 2:18 PM EST) -- A federal judge has tossed the last remaining claim in a proposed Employee Retirement Income Security Act class action against State Street Corp., finding that because the named plaintiff had admitted to not reading the alleged misstatement he could not prove that he had relied on it.

Judge Patti B. Saris of the U.S. District Court for the District of Massachusetts on Thursday granted summary judgment to State Street on a negligent misrepresentation claim arising from an October 2008 press release and regulatory filing.

The negligent...
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