State Street Corporation (NYSE: STT) Investor Securities Class Action Lawsuit 12/18/2009

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Company Name(s): 
State Street Corporation
Case Name: 
State Street Corporation Shareholder Class Action Lawsuit 12/18/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: STT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/18/2009
Class Period Begin: 
10/17/2006
Class Period End: 
10/21/2009
Class Period Begin: 
06/03/2008
Class Period End: 
06/03/2008
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
02/17/2010
Date Settled: 
01/08/2015
Settlement Amount: 
$60,000,000
Deadline to Participate in Settlement: 
12/16/2014
Summary: 

December 27, 2016 - The court ordered the authorization of the distribution of the net settlement fund.

January 8, 2015 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

July 21, 2014 - The court preliminarily approved the settlement.

July 8, 2014 - Parties filed a stipulation of settlement.

August 3, 2011- The court denied the defendants' motions to dismiss.

September 24, 2010 - The defendants filed motions to dismiss.

July 29, 2010 - The lead plaintiffs filed another amended complaint.

June 25, 2010 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased State Street Corporation (NYSE: STT) common shares between October 17, 2006 and October 19, 2009 and persons or entities who purchased or otherwise acquired State Street Corporation's common stock pursuant and/or traceable to a registered public offering conducted on or about June 3, 2008. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 17, 2006 and October 19, 2009.

May 7, 2010 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

February 17, 2010 - Lead plaintiff motions were filed.

January 15, 2010 - Another investor filed a complaint.

December 18, 2009 - An investor in shares of State Street Corporation (NYSE: STT) filed a lawsuit in the U.S. District Court for the District of Massachusetts against State Street Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 17, 2006 and October 19, 2009.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of State Street Corporation (NYSE: STT) between October 17, 2006 and October 19, 2009, that State Street Corporation and certain of its officers violated the Securities Exchange Act of 1934.

The Complaint alleges that between October 17, 2006 and October 19, 2009 defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about State Street Corporation's business, operations and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that State Street Corporation set up a scheme to substantially mark up foreign currency trades; (2) that such scheme caused State Street Corporation’s clients to overpay for such trades; (3) that the scheme allowed State Street Corporation to reap illegal profits; (4) that, as a result, State Street Corporation’s financial results were materially inflated; (5) that State Street Corporation's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); and (6), that State Street Corporation lacked adequate internal and financial controls.