In re State Street Bank and Trust Co. Fixed Income Funds Investment ERISA Litigation

Case History:

On February 7, 2008, Judge Richard J. Holwell appointed Keller Rohrback L.L.P. , together with the law firms of Bernstein Litowitz Berger & Grossmann LLP , and Berman DeValerio Pease Tabacco Burt & Pucillo, as Co-Lead Counsel and interim class counsel in this consolidated class action case, which alleges that defendant State Street Bank and Trust Company and its affiliate, State Street Global Advisors, Inc., (collectively, “State Street”) breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) by failing to prudently manage the assets of ERISA plans invested in State Street fixed income funds (the “Bond Funds”) during 2007.

Settlement Update:

After well over a year of litigation, during which Keller Rohrback L.L.P. and its co-counsel reviewed over 13 million pages of documents and took over 30 depositions, the parties negotiated an all-cash $89.75 million settlement of the claims asserted in this action.

On October 28, 2009, the Court entered an order preliminarily approving the parties' settlement.

The Court held a Fairness Hearing on February 17, 2010 to decide whether to grant Plaintiffs’ Motion for Final Approval of ERISA Class Action Settlement and Co-Lead Counsel’s Motion for Award of Attorneys’ Fees and Reimbursement of Litigation Expenses. On February 19, 2010, Judge Richard J. Holwell granted final approval of the settlement and fee and expense application. The Order Approving Final Distribution of the Net Settlement Fund was signed by Judge Holwell on April 12, 2010.

You may find further information about the State Street settlement at www.statestreetERISAsettlement.com.

Case Documents