State Street Hit With Suit Over Subprime Losses

Law360, New York (July 1, 2008, 12:00 AM EDT) -- A shareholder has launched a putative class action against State Street Corporation and State Street Global Advisors, accusing them of making false statements and material omissions in communications pertaining to the sale of shares in one of their funds.

Ning Yu filed the suit Monday in the U.S. District Court for the District of Massachusetts, suing on behalf of all shareholders who bought shares of the SSgA Yield Plus Fund within three years of the filing of the lawsuit.

In the complaint, which names as co-defendants...
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