Cases
State Street Corporation (NYSE: STT)
Securities Class Action
Overview
Overview
- Date:
- 2/2/2017
- Company Name:
- State Street Corporation
- Stock Symbol:
- STT
- Class Period:
- FROM 2/27/2012 TO 1/18/2017
- Status:
- Closed/Complete
NEW YORK, February 2, 2017– Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who acquired State Street Corporation (NYSE: STT) securities between February 27, 2012 and January 18, 2017 (the “Class Period”).
The complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) State Street engaged in a scheme to defraud a number of its clients by secretly applying commissions to billions of dollars of securities trades; (2) State Street’s billing practices relied on unsustainable methodologies; (3) over an 18-year period, approximately $240 million or more of expenses may have been incorrectly invoiced to State Street’s asset servicing clients; (4) from June 2010 until September 2011, State Street charged clients “substantial” mark-ups without their consent; and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On January 18, 2017, the U.S. Department of Justice revealed State Street entered into a deferred prosecution agreement, settling to confer a sum of $32.3 million to resolve charges related to an alleged scheme to defraud bank clients by wrongfully adding commissions to billions of dollars of securities trades.
The Company admitted to the allegations and agreed to a deferred prosecution agreement that mandates that the Company use an independent corporate compliance monitor for three years.
If you purchased or otherwise acquired State Street securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) State Street engaged in a scheme to defraud a number of its clients by secretly applying commissions to billions of dollars of securities trades; (2) State Street’s billing practices relied on unsustainable methodologies; (3) over an 18-year period, approximately $240 million or more of expenses may have been incorrectly invoiced to State Street’s asset servicing clients; (4) from June 2010 until September 2011, State Street charged clients “substantial” mark-ups without their consent; and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On January 18, 2017, the U.S. Department of Justice revealed State Street entered into a deferred prosecution agreement, settling to confer a sum of $32.3 million to resolve charges related to an alleged scheme to defraud bank clients by wrongfully adding commissions to billions of dollars of securities trades.
The Company admitted to the allegations and agreed to a deferred prosecution agreement that mandates that the Company use an independent corporate compliance monitor for three years.
If you purchased or otherwise acquired State Street securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.