State Street Settles $2.7M MBS Case

By Eric Hornbeck (March 24, 2011, 7:14 PM EDT) -- Following a settlement, a New York federal judge on Thursday discontinued one of the cases in multidistrict litigation against State Street Corp. and its affiliates over $2.7 million in losses in employee benefit accounts invested in subprime assets.

Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York issued an order of discontinuance Thursday after the parties told him they'd settled the case.

Details of the settlement weren't immediately available. An attorney for State Street declined to comment, and other attorneys involved in the case didn't respond to requests for comment late Thursday.

The suit,...

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