On or around 06/04/2019 (Ongoing date of last review)
Filing Date: January 27, 2017
According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) State Street engaged in a scheme to defraud a number of its clients by secretly applying commissions to billions of dollars of securities trades; (2) State Street’s billing practices relied on unsustainable methodologies; (3) over a 18-year period, approximately $240 million or more of expenses may have been incorrectly invoiced to State Street’s asset servicing clients; (4) from June 2010 until September 2011, State Street charged clients “substantial” mark-ups without their consent; and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
This case was ordered transferred to the District of Massachusetts on June 21, 2017.
An amended Complaint was filed on September 6, 2017.
On May 15, 2018, the parties reached a Settlement in principle. On August 13, the parties entered into a Stipulation of Settlement. On October 31, the parties filed an amended Stipulation of Settlement. The Court granted preliminary approval of the Settlement on December 14.
Company & Securities Information
Defendant: State Street Corporation
Industry: Misc. Financial Services
Headquarters: United States
Ticker Symbol: STT
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Anthony Delorosa, et al. v. State Street Corporation, et al.