Shapiro Haber & Urmy represents the Plaintiff in a class action on behalf of State Street Corp. employees that has been settled for $10 Million.
The firm represents the plaintiff and the class in an ERISA class action that has been settled for $10 Million, subject to court approval. The class includes current and former State Street employees who were participants in the State Street Salary Savings Program at any time between August 27, 2007 and October 21, 2009 and whose accounts included investments in the Employee Stock Ownership Plan which invested in State Street stock.
The complaint alleged that certain officers and committees of State Street who were fiduciaries of the Plan violated fiduciary duties of loyalty, care, and prudence under ERISA that they owed to participants in the Plan regarding the Plan’s investment of assets in the stock of State Street.
The case was settled after four years of litigation, during which defendants’ motion to dismiss was denied by the Court and extensive discovery was conducted, including examination of millions of pages of documents and depositions of key witnesses.
Further information may be obtained at the settlement website, WWW.STATESTREETCORPERISASETTLEMENT.COM