Excerpt: A proposed settlement has been made in the State Street Bank and Trust Company consolidated ERISA Class Actions (collectively, the 'Action') in the amount of $89,750,000.00. The terms and conditions of the proposed settlement are set forth in a Settlement Agreement dated August 18, 2009 (the 'Settlement Agreement'). The Action has been brought as a class action on behalf of a class of ERISA Plans that invested in unregistered commingled funds (listed at Schedule A of the Settlement Agreement) (the 'Funds') that were managed by State Street. For the sake of clarity, the term 'Funds' shall not include any investment portfolio of SSgA Funds, a series mutual fund registered under the Investment Company Act of 1940, as amended. The Action alleges that State Street violated its fiduciary duties under the Employee Retirement Income Security Act ('ERISA') by, inter alia, imprudently managing the Funds, causing the various ERISA Plans to suffer losses.  MORE >>