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Rating:State Street Faces Another Suit Over Losses in Bond Fund Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 18, 2007

State Street Faces Another Suit Over Losses in Bond Fund

by: Armie Margaret Lee

Another lawsuit has been filed against State Street Corp. relating to losses in fixed-income funds. The complaint was filed by New York publishing firm Unisystems Inc., whose workplace retirement plans contain State Street's fixed income funds as investment options, The Wall Street Journal reports. Unisystems alleged that State Street represented its bond funds as conservative options but invested in high-risk instruments and mortgage-backed securities. Twenty-five Unisystems employees invested $1.4 million in State Street's Intermediate Bond Fund, according to the complaint. That fund, the complaint stated, lost 25 percent of its value between July 1 and September 1 while the index is its supposed to track increased. A State Street spokesperson denied "any allegation that we didn't correctly communicate the investment objective of the fund." The complaint filed by Unisystems comes on the heels of a lawsuit filed Prudential Retirement on behalf its retirement plan clients against State Street over losses of $80 million in State Street's bond funds.  

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