The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:State Street's Legal Reserve May Not Suffice, Execs Say Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 11, 2009

State Street's Legal Reserve May Not Suffice, Execs Say

by: Armie Margaret Lee

State Street executives said Monday that the legal reserve they set up in 2007 to address litigation in connection with State Street Global Advisors' fixed income strategies may not be enough to "address ongoing litigation." Company officials made the comment as part of a 10Q filing with the SEC.

State Street in 2007 established a reserve of about $625 million, of which $193 million remained at the end of June.

Executives mentioned the Wells notice they received from the SEC on June 25, adding that they're in talks with SEC staff, as well as the Massachusetts Secretary of State and other regulators about their related inquiries.

"If the SEC or other regulators were to pursue an enforcement action, they would likely seek monetary or other penalties or remedies," executives said in the filing. "Depending upon the resolution of these governmental proceedings, the remainder of the reserve established in 2007 may not be sufficient to address ongoing litigation, as well as any such penalties or remedies."  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use