Glass Dimensions v. State Street Bank & Trust Co.
PRACTICE AREAS: Employee Benefits & ERISA
CASE STATUS: Settled
SETTLEMENT AMOUNT: $10 million
COURT: U.S. District Court for the District of Massachusetts
In May 2014, the U.S. District Court for the District of Massachusetts approved a $10 million settlement on behalf of retirement plans that invested in a collective trust established by State Street Bank & Trust Co. under a master securities lending agreement.
Berger Montague served as co-lead counsel in this class action case that involved more than 900 retirement plans invested in more than 250 collective investment funds. Plaintiffs alleged that State Street Bank & Co. breached their fiduciary duties and engaged in prohibited transactions under ERISA by charging excessive fees (50% of all net income derived) for the securities lending services the company provided.