Ex-State Street Execs Cleared Of SEC Fraud Claims

Law360, New York (October 31, 2011, 12:20 PM EDT) -- An administrative judge on Friday ruled that two former State Street Corp. executives appropriately highlighted the risks involved in a $2.9 billion fund that was heavily invested in subprime mortgage-related securities, rejecting U.S. Securities and Exchange Commission fraud claims.

In a 59-page initial decision, SEC Chief Administrative Law Judge Brenda P. Murray found that letters and other communications drafted and reviewed by John P. "Sean" Flannery and James D. Hopkins in late 2006 and 2007 did not mislead investors about the makeup of the Limited Duration...
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