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Subprime Litigation Wave Hits State Street
The D & O Diary blog 
Jan. 10, 2008
Excerpt: The specific legal basis of Prudential's claim is that State Street and its investment arm violated [ERISA]. The complaint alleges that the defendants 'radically altered' the investment strategies of two bond funds, the Intermediate Bond Fund and the Government Credit Bond Fund. The complaint alleges that the funds 'took undisclosed, highly leveraged positions in mortgage-related financial derivatives' and thereby 'exposed' the funds to 'an inappropriate level of risk' that during the summer of 2007 'produced catastrophic results.'
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