SOURCE: Izard Nobel LLP

December 21, 2009 17:32 ET

Izard Nobel LLP Announces Class Action Lawsuit Against State Street Corporation

WEST HARTFORD, CT--(Marketwire - December 21, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of those who purchased the securities of State Street Corporation ("State Street Corporation" or the "Company") (NYSE: STT) between October 17, 2006 and October 19, 2009 (the "Class Period").

The Complaint charges that State Street and certain of its executive officers violated federal securities laws. Specifically, defendants failed to disclose and/or misrepresented the following facts: (i) that State Street set up a scheme to substantially mark up foreign currency trades; (ii) that such scheme caused State Street's clients to overpay for such trades; (iii) that the scheme allowed the Company to reap illegal profits; (iv) that, as a result, the Company's financial results were materially inflated; (v) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); and (vi), that the Company lacked adequate internal and financial controls.

On October 20, 2009, California Attorney General Edmund G. Brown Jr. announced that he had filed suit against State Street alleging the Company had illegally overcharged California's two largest pension funds for the costs of executing foreign currency trades since 2001. On this news, shares of State Street fell $4.41 to close at $47.84 per share on October 20, 2009.

If you are a member of the class, you may, no later than February 17, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

Contact Information