State Street Indirect Foreign Exchange Class Action
Andover Companies Employee Savings & Profit Sharing Plan, et al., v State Street Bank and Trust Company,
United States District Court for the District of Massachusetts, Case No. 12-11698
$300 Million Settlement Status
On November 2, 2016, the Court entered the Order and Final Judgment granting final approval to the settlement of the Consolidated Actions, granting class certification of the settlement class, approving the payment of attorneys’ fees and expense recapture; approving class representative service awards, and approving the plan of allocation.
The settlement provides a total recovery of $300 million, with at least $60 million of that amount reserved for the ERISA clients represented by Keller Rohrback and other ERISA counsel. Keller Rohrback Managing Partner Lynn Sarko played an integral role in negotiating the $300 million settlement and protecting the specific interests of ERISA plan class members.
For more information about the settlement and to review certain Court-filed documents, please visit the Settlement Administrators website at www.StateStreetIndirectFXClassSettlement.com
Keller Rohrback and Co-Counsel filed the Amended Class Action Complaint in Andover Cos. Emp. Savings & Profit Sharing Plan v. State Street Bank & Trust Co. on behalf of Plaintiffs and a proposed Class of similarly situated persons. This case was consolidated with others and proceeded in the United States District Court for the District of Massachusetts before Judge Mark L. Wolf. The Plaintiffs, alleged claims arising from the unfair and deceptive practices of State Street Bank and Trust Company of charging its custody and trust customers, and specifically its ERISA plan customers, excessive rates and spreads in connection with foreign transactions. These transactions are known as “Indirect FX Transactions” that occurred between January 2, 1998 and December 31, 2009. These transactions were alleged to violate statutory, contractual and fiduciary obligations and violate the Employee Retirement Income Security Act (“ERISA”).
Order and Final Judgment – 11/02/2016