Cases & Investigations

Glass Dimensions v. State Street Bank & Trust Co.

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.

Lead Attorneys

Todd Collins Headshot

Todd S. Collins

Managing Shareholder

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