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State Street Securities Litigation
- Issue: False foreign exchange rates
Arkansas Teacher Retirement System v. State Street Corp., et al., Case No. 11cv10230 (MLW) (D. Mass.).
Lieff Cabraser is co-counsel for a proposed nationwide class of institutional clients of State Street, including public pension funds, who allege that defendants charged class members fictitious FX rates in connection with the purchase and sale of foreign securities.
The complaint charges that for the past decade, defendants consistently incorporated hidden and excessive mark-ups or mark-downs relative to the actual FX rates applicable at the times of the trades conducted for defendants' custodial FX clients. Defendants allegedly kept for themselves, as an unlawful profit, the difference between the false and actual price for each FX transaction. Plaintiffs seek recovery under Massachusetts’ Consumer Protection Law and common law tort and contract theories.
Motions to dismiss have been fully briefed, with oral argument set for February 2012. Lieff Cabraser is also actively involved in counseling other state pension and ERISA funds with respect to their potential exposure to FX manipulation by custodial service providers.
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