1st Circ. Won't Mull State Street's ERISA Cert. Challenge

Law360, New York (November 26, 2012, 4:04 PM EST) -- The First Circuit on Monday declined to hear State Street Corp.'s appeal of the certification of an Employee Retirement Income Security Act class action alleging the company's reckless and self-serving securities lending practices caused profit-sharing plans it managed to decline in value.

State Street argued that a suit brought by glass company Glass Dimensions Inc. did not have the necessary commonality for class certification, but a three-judge panel refused to review U.S. District Judge Joseph L. Tauro's order, saying an interlocutory review was inappropriate.

“Having carefully...
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