State Street Corporation (NYSE:STT) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

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Company Name(s): 
State Street Corporation
Affected Securities: 
NYSE: STT

May 08, 2012 (Shareholders Foundation) -- An investor in NYSE:STT shares filed a lawsuit against certain current and former directors of State Street Corporation over alleged breaches of fiduciary duties in connection with State Street’s foreign currency exchanges and certain mortgage-backed securities.

According to the complaint the plaintiff alleges that the defendants failed to properly oversee State Street’s foreign currency exchanges and mortgage-backed securities that exposed State Street Corporation billions of dollars in potential legal damages and real losses.
State Street Corporation (NYSE:STT) reported that its Net Loss of $1.88billion in 2009 turned into a Net Income of $1.92billion in 2011.

NYSE:STT shares rose from as low as $17.98 per share on March 6, 2009 to as high as $55.17 per share in October 2009 and traded over the past two years for the most part over $40.

On May 2, 2012, NYSE:STT stocks closed at $46.16 per share.