State Street Directors Escape Derivative Suit

Law360, New York (October 1, 2013, 3:34 PM EDT) -- A federal judge on Monday tossed a shareholder derivative suit accusing State Street Corp. directors of costing the Boston-based bank billions by blundering oversight of its foreign currency exchanges and mortgage-backed securities, backing an independent committee's decision not to pursue a prior action. 

Filed last year in Massachusetts federal court on behalf of State Street, the suit claimed the board's breaches of fiduciary duty exposed the bank to billions of dollars in damages from an array of pending lawsuits and caused the company to overpay greatly...
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