State Street Units Accused Of Forex Trading Scheme

Law360, New York (October 13, 2011, 7:28 PM EDT) -- Two subsidiaries of State Street Corp. were hit Wednesday with a proposed class action on behalf of several retirement funds alleging the financial services company added an undisclosed mark-up in foreign exchange transactions.

Frederick, Md., resident Arnold Henriquez brought suit under the Employee Retirement Income Security Act on behalf of the Waste Management Retirement Savings Plan and all other similarly situated plans.

The suit alleges that starting in 2001 the subsidiaries would execute forex trades at one exchange rate early in the day, pick a rate...
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Case Information

Case Title

Henriquez v. State Street Bank and Trust Company et al


Case Number

1:11-cv-02920

Court

Maryland

Nature of Suit

Labor: E.R.I.S.A.

Judge

William D Quarles, Jr

Date Filed

October 12, 2011

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