"State Street being sued over losses" by Bloomberg News | April 8, 2009
State Street Corp. of Boston was sued by a New Orleans law firm's profit-sharing plan and accused of "recklessly" lending the plan's securities and losing money. "Defendants put their own interests ahead of the plans' interests by taking unnecessary and unreasonable risk," according to the complaint filed yesterday in federal court in Boston by the plan's sponsor and administrating law firm, Fishman Haygood Phelps Walmsley Willis & Swanson LLP.
A State Street spokeswoman, didn't immediately respond to messages seeking comment after business hours. An Iowa religious order, the Sisters of Charity of the Blessed Virgin Mary, sued the bank Monday saying it lost more than $1 million on investments it made through State Street.
Got a bunch of nuns riled up? That is trouble!!!!!
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