Judge certifies ERISA class action against State Street. Appoints Schneider Wallace co-class counsel.
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On August 22, 2012, United States District Judge for the District of Massachusetts, Joseph L. Tauro, granted Plaintiffs' motion to certify a "class of plans" case against State Street Bank.
Plaintiffs allege that they, like other ERISA retirement plans, invested in collective trust funds. These were offered and managed by Defendants. Plaintiffs assert that Defendants breached their fiduciary duty to the plans, in violation of ERISA, by taking unreasonable compensation for managing the securities lending program on behalf of the Collective Trusts.
Plaintiffs have been appointed to represent all ERISA plans that, during the period of April 9, 2004 to the present:
(1) invested in a Collective Trust established by Defendants that loaned securities under a Master Securities Lending Authorization Agreement, and
(2) paid to Defendants fifty percent (50%) of the net securities lending income that the Collective Trust earned from a Lending Fund.
The case is Glass Dimensions, Inc. et al v. State Street Bank & Trust Co., et al, Civil Action No. 10-10588-JLT (D Mass)