Pension Fund Clients Itching For A Fight With State Street
As a $2 trillion caretaker of pension fund and other institutional investors, State Street Corporation oversees the retirement funds of countless American workers. Five pension-fund clients have sued State Street Corporation, claiming tens of millions in unwarranted losses. The State Street funds were supposed to consist of risk-free debt such as U.S. Treasuries, but (here we go again) were found to be full of mortgage-related securities that lost 28% of their value over the summer.Â
When we see the pensions funds of hardworking Americans hit by the subprime mortgage fiasco, we start to feel like securities lawyers on steroids. We want to hit back, with all we’ve got.Â
The firm has set aside $618 million to settle the five legal claims filed against it. Could be the tip of the iceberg.
Our affiliation of lawyers is actively involved in advising individual and institutional investors in evaluating their legal options when confronted with subprime and other mortgage related investment losses.Â
