State Street Can’t Shake Investors’ ERISA, Fraud Claims

Law360, New York (August 4, 2011, 2:43 PM EDT) -- State Street Corp. on Wednesday lost its bid in Massachusetts federal court to toss claims in a consolidated, putative class action accusing it of multibillion-dollar securities and retirement plan frauds, with the judge calling the claims “replete with detailed and well-pled facts.”

U.S. District Judge Nancy Gertner rebuffed four motions to dismiss various claims against the Boston-based bank, which is accused by numerous investors of reporting billions in inflated foreign exchange-related revenue from 2005 to 2008, and raising $2.8 billion from investors based on those dubious...
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