State Street Bank & Trust Co. ERISA Litigation
On February 7, 2008, Judge Richard J. Holwell appointed Keller Rohrback L.L.P. , together with the law firms of Bernstein Litowitz Berger & Grossmann LLP , and Berman DeValerio Pease Tabacco Burt & Pucillo, as Co-Lead Counsel and interim class counsel in this consolidated class action case, which alleges that defendant State Street Bank and Trust Company and its affiliate, State Street Global Advisors, Inc., (collectively, “State Street”) breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) by failing to prudently manage the assets of ERISA plans invested in State Street fixed income funds (the “Bond Funds”) during 2007.
After well over a year of litigation, during which Keller Rohrback L.L.P. and its co-counsel reviewed over 13 million pages of documents and took over 30 depositions, the parties negotiated an all-cash $89.75 million settlement of the claims asserted in this action.
On February 19, 2010, Judge Richard J. Howell granted final approval to the settlement.