State Street Corporation is an American company that provides investment management, servicing and administration; research and trading; and financial data analytics for institutional investors.

According to the law firm press release, the lawsuit alleges that 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. On June 4, 2019, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On January 7, 2022, the Court issued an Order approving Distribution of the Settlement funds.