State Street Corporation: SSgA Yield Plus Fund

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Stanford Law School

State Street Corporation: SSgA Yield Plus Fund Summary: According to a law firm press release, a class action was filed on June 30, 2008 on behalf of purchasers of the SSgA Yield Plus Fund (NASDAQ: SSYPX) (the "Yield Plus Fund" or the "Fund") who purchased shares of the Fund within the three years that preceded the filing of this lawsuit.

The complaint charges State Street Corporation ("State Street"), and certain related entities, among others, with violations of the Securities Act. State Street Global Advisors ("SSgA") is the investment advisor to the entire group of mutual funds under the State Street name.

On or about November 9, 1992, defendants began offering shares of the Yield Plus Fund pursuant to an initial registration statement, filed with the SEC as a Form 485BPOS (the "Registration Statement"). The complaint alleges that defendants solicited investors to purchase shares of the Yield Plus Fund by making statements in the Registration Statement and subsequent supplemental prospectuses that described the "investment objective" of the SSgA Yield Plus Fund as investments "primarily in a diversified portfolio" with "high-quality debt securities" that include "high credit quality," "sophisticated credit analysis" and "team based decision making by experienced investment professionals." As alleged in the complaint, these statements were materially false and misleading because defendants did not adequately disclose the risks associated with investing in the Fund, including, for example, that the Fund was so heavily invested in high-risk mortgage-related or mortgage-backed securities.

By June 11, 2007, defendants slowly began lowering the value of the share price for the Yield Plus Fund. Since then, the value of the Yield Plus Fund's share price has been precipitously lowered. By December 12, 2007, the value of the per-share price was reduced to $8.01. The shares were trading as low as $6.60 at the time of the filing of the complaint.

According to the copy of the conditional transfer order filed on September 29, 2008, on June 16, 2008, the Panel transferred two civil actions to the United States District Court for the Southern District of New York for coordinated or consolidated pretrial proceeding, MDL Case No. 1945.

On February 13, 2009, the lead plaintiff filed an Amended Complaint. On March 11, 2009, the defendants filed a motion to dismiss the Amended Complaint. On February 22, 2010, District Judge Richard J. Holwell signed the Memorandum Opinion and Order. According to the Order, the defendants' motions to dismiss the Complaint are granted. Because plaintiffs have not requested leave to replead, and because they amended the Complaint once already after receiving notice of the grounds for these motions to dismiss, the claims are dismissed with prejudice.

INDUSTRY CLASSIFICATION:
SIC Code: 6022
Sector: Financial
Industry: Regional Banks

COMPANY/ISSUER NAME:	State Street Corporation
COMPANY/ISSUER TICKER:	SSYPX
COMPANY WEBSITE:	http://www.statestreet.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Ning Yu, et al. v. State Street Corporation, et al.

COURT: D. Massachusetts	DOCKET NUMBER: 08-CV-11108
JUDGE NAME: Hon. Joseph L. Tauro
DATE FILED: 06/30/2008	SOURCE:
CLASS PERIOD START: 06/30/2005	CLASS PERIOD END: 06/30/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (Melville) 200 Broadhollow, Suite 406, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, info@csgrr.com/ Dyer & Berens LLP (former) 682 Grant Street, Denver, CO, 80203-3507 (voice) 303.861.1764, (fax) 303.861.1764, contact@dyerberens.com Holzer Holzer & Fistel, LLC (former Atlanta) 1117 Perimeter Center West, Suite E-107, Atlanta, GA, 30338 (voice) 770.392.0090, (fax) 770.392.0090, Shapiro Haber & Urmy LLP (Boston) 75 State Street, Boston, MA, 02109 (voice) 617.439.3939, (fax) 617.439.0134, info@shulaw.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 4

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint - Jury Trial Demanded
Type: Complaint		Date on the document: 06/30/2008
Memorandum Of Law In Support Of The Motion Of Anatoly Alexander For Consolidation, Appointment As Lead Plaintiff And Approval Of Selection Of Lead And Liaison Counsel
Type: Memorandum		Date on the document: 09/02/2008
Motion For Consolidation, Appointment As Lead Plaintiff And Approval Of Selection Of Lead And Liaison Counsel
Type: Motion		Date on the document: 09/02/2008
Copy of MDL Conditional Transfer Order number 2 in MDL Case 1945
Type: Other		Date on the document: 09/29/2008
U.S. District Court Civil Docket
Type: Docket		Date on the document: 01/12/2009

REFERENCE COMPLAINT

Ning Yu, et al. v. State Street Corporation, et al.

COURT: S.D. New York	DOCKET NUMBER: 08-CV-08235
JUDGE NAME:
DATE FILED: 02/13/2009	SOURCE:
CLASS PERIOD START: 07/01/2005	CLASS PERIOD END: 06/30/2008
TYPE OF COMPLAINT: First Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (Melville) 58 South Service Road, Suite 200, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, info@csgrr.com/ _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Amended Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 02/13/2009
Independent Trustees' Notice Of Motion To Dismiss The Amended Complaints
Type: Motion		Date on the document: 03/11/2009
State Street's Motion To Dismiss Class Action Securities Complaints
Type: Motion		Date on the document: 03/11/2009
Memorandum Opinion And Order
Type: Order		Date on the document: 02/25/2010
Judgment
Type: Other		Date on the document: 03/03/2010
Judgment
Type: Other		Date on the document: 03/03/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 03/03/2010

OTHER DOCUMENTS
Class Action Complaint - Jury Trial Demanded
Case Name and/or Number: Phyllis Crain, et al. v. State Street Corporation, et al.
Type: Complaint		Date on the document: 7/23/2008
U.S. District Court Civil Docket
Case Name and/or Number: In Re: State Street Bank and Trust Co. Fixed Income Funds Investment Litigation
Type: Docket		Date on the document: 03/04/2010

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