Keller Rohrback L.L.P. Announces Breach of Fiduciary Duty Investigation re State Street Bond Funds
October 09 2007 - 10:32PM
PR Newswire (US)
SEATTLE, Oct. 9 /PRNewswire/ -- 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 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/ DATASOURCE: Keller Rohrback L.L.P.
CONTACT: Jennifer Tuato'o, Paralegal of Keller Rohrback L.L.P.,
1-800-776-6044, Web site: http://www.kellerrohrback.com/
http://www.seattleclassaction.com/ http://www.erisafraud.com/
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