State Street Off Hook In Fund Misrepresentation Suit

Law360, New York (April 1, 2011, 7:23 PM EDT) -- A New York federal judge on Friday shot down a class action complaint over alleged misrepresentations by State Street Corp. in mutual fund documents, in a decision an attorney said could "sharply constrain" similar suits against mutual funds.

Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York "somewhat reluctantly" agreed with State Street's analysis that the investors' loss was caused only by a declining economy, not by any alleged misrepresentations State Street made, and dismissed the investors' suit with...
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