State Street Faces 2nd Subprime Loss Class Action

Law360, New York (October 25, 2007, 12:00 AM EDT) -- Already under legal fire from retirement units of Prudential Financial Inc. and a New York book publisher, State Street Bank and Trust Co. and its advisory firm have been hit with another class action lawsuit for allegedly misrepresenting its investment strategy for pension plan funds.

A retirement plan for New Hampshire-based paper and label manufacturer Nashua Corp. filed the latest suit on Wednesday in a Massachusetts federal court claiming fiduciary duty violations because State Street invested funds in subprime mortgages and took highly leveraged positions in...
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