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Article: State Street Sued Over Bond Fund Losses
- Article from:
- AP Online
- Article date:
- November 1, 2007
- Author:
CopyrightCopyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Institutional money manager State Street Corp. now faces three lawsuits over its management of bond funds that were touted for their conservative investment strategies, yet posted losses over the summer because of risky holdings tied to the subprime mortgage industry.
Managers of public employee funds in at least two states that suffered losses are following the litigation closely but have yet to file their own complaints.
The latest lawsuit was filed last week in federal court in Boston by Nashua Corp., a Nashua, N.H.-based maker of paper and imaging products, against State Street's investment arm, State Street Global Advisors.
State Street also was named in similar ...