State Street Nixed From Waste Co. Workers' ERISA Suit

Law360, New York (November 2, 2011, 5:03 PM EDT) -- A Washington federal judge on Wednesday dismissed State Street Bank and Trust Co. from a class action brought by former Waste Management Inc. employees alleging the fiduciaries of the company retirement plan covered up a massive accounting scheme.

The plaintiffs allege that State Street breached its fiduciary duties by participating in and releasing claims in a settlement of an Illinois securities class action against Waste Management and by not pursuing separate Employee Retirement Income Security Act claims against the company, but U.S. District Judge Gladys Kessler...
To view the full article, register now.