SOURCE: Brower Piven, A Professional Corporation

January 04, 2010 14:11 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $300,000 From Investment in State Street Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 17, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - January 4, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of the securities of State Street Corporation ("State Street Corporation" or the "Company") (NYSE: STT) during the period between October 17, 2006 and October 19, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 17, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company set up a scheme to substantially mark up foreign currency trades causing its clients to overpay for such trades and allowing the Company to reap illegal profits such that the Company's financial results were materially inflated. According to the complaint, after California Attorney General Edmund G. Brown Jr. announced, on October 20, 2009, that he had filed suit against State Street for committing "unconscionable fraud" against California's two largest pension funds -- California Public Employees' Retirement System ("CalPERS") and California State Teachers' Retirement System ("CalSTRS") -- by illegally overcharging CalPERS and CalSTRS for the costs of executing foreign currency trades since 2001, the value of State Street's stock declined significantly.

If you have suffered a net loss for all transactions in State Street Corporation securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact