State Street Bank and Trust Co. (TAG Virgin Islands)

Keller Rohrback currently represents the Stone Family Trusts in a proposed class action case filed on January 23, 2012 against Defendant State Street Bank and Trust Co. regarding its mismanagement of custodial accounts for clients that had investment management agreements with James Tagliaferri, and/or TAG Virgin Islands, Inc., formerly Taurus Advisory Group LLC. 

Plaintiffs filed the Consolidated Class Action Complaint on May 1, 2012, alleging that State Street, in its role as a custodial bank entrusted with safekeeping the assets of Plaintiffs and other investors, listed fake CUSIP numbers on monthly account statements, settled numerous fraudulent transactions, failed to obtain documents sufficient to evidence or settle purchases of securities, provided improper valuations for client’s investments, and failed to monitor the location of their clients’ assets.  Plaintiffs assert that State Street failed to perform the most basic standard of care for custody of its clients’ assets and caused Plaintiffs and other class members to suffer substantial losses.

The Consolidated Class Action Complaint was filed on behalf of Plaintiffs and the following proposed class:
All persons, trusts, and/or entities who, at any time were clients of James Tagliaferri or TAG, who entered into a custodial relationship with State Street Bank and Trust Company , including all predecessors-in-interest, subsidiaries, or affiliate entities, and suffered damage as a result of State Street’s gross negligence, willful misconduct, or other violations of its statutory or legal obligations. Excluded from the class are Defendant, Defendant’s predecessors-in-interest, subsidiaries, affiliate entities, agents, parents, employees, officers, directors, and immediate family members, as well as any person, firm, trust, corporation, or other entity related to or affiliated with TAG.

Plaintiffs allege the following claims in the Consolidated Class Action Complaint:

• Breach of Contract;
• Gross Negligence;
  • Violations of the Massachusetts General Law c. 93A;
  • Negligent Misrepresentation;
  • Breach of Fiduciary Duty;
  • Aiding and Abetting a Breach of Fiduciary Duty; and
• Unjust Enrichment

If you have any questions regarding this litigation or would like additional information, please contact paralegal Bob Rousseau or attorneys Laura Gerber, David Ko or Tana Lin via email at consumer@kellerrohrback.com or toll free at 800.776.6044.