State Street Corp (NYSE: STT) Investor Securities Class Action Lawsuit 01/27/2017

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Company Name(s): 
State Street Corporation
Case Name: 
State Street Corporation Shareholder Class Action Lawsuit 01/27/2017
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: STT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/27/2017
Class Period Begin: 
02/27/2012
Class Period End: 
01/18/2017
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
03/28/2017
Summary: 

August 13, 2018 - Parties filed a stipulation of settlement.

October 20, 2017 - Defendants filed a motion to dismiss.

September 6, 2017 - The lead plaintiff filed a corrected amended complaint.

August 21, 2017 - The lead plaintiff filed an amended complaint.

June 21, 2017 - The case was transferred to the U.S. District Court for the District of Massachusetts.

May 3, 2017 - Lead plaintiff and lead counsel were appointed.

March 28, 2017 - Lead plaintiff motions were filed.

January 27, 2017 - An investor in State Street Corp (NYSE: STT) shares filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by State Street Corp in connection with certain allegedly false and misleading statements made between February 27, 2012 and January 18, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of State Street Corp (NYSE: STT) common shares between February 27, 2012 and January 18, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 27, 2012 and January 18, 2017 the defendants made false and/or misleading statements and/or failed to disclose that State Street Corp engaged in a scheme to defraud a number of its clients by secretly applying commissions to billions of dollars of securities trades, that State Street Corp’s billing practices relied on unsustainable methodologies, that over a 18-year period, approximately $240 million or more of expenses may have been incorrectly invoiced to State Street Corp’s asset servicing clients, that from June 2010 until September 2011, State Street Corp charged clients “substantial” mark-ups without their consent, that as a result, defendants’ public statements were materially false and misleading at all relevant times.

State Street Corp reported that its Net Income declined from over $2.02 billion in 2014 to over $1.98 billion in 2015. Shares of State Street Corp (NYSE: STT) grew from $50.79 per share in June 2016 to as high as $83.49 per share on January 13, 2017.

On January 18, 2017, the U.S. Department of Justice announced that State Street Corp entered into a deferred prosecution agreement and agreed to pay a $32.3 million criminal penalty to resolve charges that it engaged in a scheme to defraud.