State Street Says ERISA Suit Short On Evidence

By Rachel Stone (July 27, 2021, 2:27 PM EDT) -- State Street Corp. urged a Massachusetts federal court to throw out a proposed class action accusing the bank of managing its 401(k) plan for its own benefit rather than workers', arguing the suit is all hindsight and is devoid of specific allegations of malfeasance.

The Boston-based bank filed a memorandum Monday seeking to torpedo the lawsuit, which alleged State Street cost retirement plan participants millions of dollars by steering them toward proprietary funds that financially benefited the bank.

The plaintiffs, led by plan participant Elizabeth Gomes, argued that State Street could have leveraged the plan's size — it had more than $4.4...

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