Practice Area: Employee Benefits & ERISA
Case Status: Settled
Settlement Amount: $10 million
Court: U.S. District Court for the District of Massachusetts
Berger Montague served as co-lead counsel and obtained a $10 million settlement for a class of 1,500 retirement plans that invested in a collective trust established by State Street Bank & Trust Co. under a master securities lending agreement. Led by Todd S. Collins, Berger Montague prosecuted this ERISA class action lawsuit in the United States District Court for the District of Massachusetts, in which the plaintiffs alleged that the retirement plans invested in more than 250 collective investment funds.
The plaintiffs alleged that State Street Bank & Co. breached its fiduciary duties to the retirement plans by taking unreasonable compensation for managing the securities lending program in which the plans participated, and by engaging in prohibited transactions under ERISA by charging excessive fees for the securities lending services that were provided. After the court certified a class of the plans that participated in the securities lending program at issue, the case resolved. The case was captioned Glass Dimensions v. State Street Bank & Trust Co., No. 1:10-cv-10588-DPW (D. Mass).
If you or your company has been harmed by conduct, including breaches of fiduciary duty, that you believe violate ERISA or state laws, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.