Keller Rohrback L.L.P. Announces Breach of Fiduciary Duty Investigation re State Street Bond Funds |
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By: Keller Rohrback L.L.P. Posted: 2007-10-10 12:17:01 |
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Keller Rohrback L.L.P. (http://www.erisafraud.com) today announced that it is investigating State Street Global Advisors ("SSgA") and State Street Bank & Trust Company (NYSE: STT) (collectively "State Street") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on retirement plans that offer State Street's Government Credit Bond Fund, the SSgA Intermediate Bond Fund, the SSgA Yield Plus Fund, or the SSgA Bond Market Fund.
State Street has marketed these funds to retirement plans throughout the country as investments that would provide "stable, predictable returns" in line with an index of U.S. government and corporate bonds. According to a lawsuit recently filed by Prudential Retirement Insurance and Annuity Co., State Street changed its investment strategy without notification and committed a large portion into instruments that included "asset-based securities that overwhelmingly derived their value" from home-equity loans, mortgage-backed securities swaps and derivatives. As a result, the funds became highly risky investments that have caused substantial losses to plan participants who invested in the funds. Far from providing a steady and stable return, the State Street funds plunged in value because of their excessive exposure to highly risky investments. Under ERISA, State Street, as an investment manager and plan fiduciary, may be found liable for losses incurred by plan participants who invested in these funds. If you are a plan participant in a retirement plan that offers State Street's Government Credit Bond Fund, the SSgA Intermediate Bond Fund, the SSgA Yield Plus Fund, or the SSgA Bond Market Fund, and you have suffered losses as a result of investing in these funds, you may contact paralegal Jennifer Tuato'o or attorneys Derek Loeser, Gretchen Freeman-Cappio, or Lynn Sarko toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com to discuss whether you have a potential claim against State Street. Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. We are committed to helping employees and retirees protect their retirement savings. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron, WorldCom, Inc., HealthSouth, and Marsh & McLennan Companies, as well as ERISA cash balance pension plan cases, including JP Morgan Chase & Co. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars. Keller Rohrback L.L.P. Jennifer Tuato'o Paralegal 800/776-6044 http://www.erisafraud.com |
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