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Rating:Two Ex-State Street Execs Beat the Rap Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 01, 2011

Two Ex-State Street Execs Beat the Rap

News summary by MFWire's editors

Not guilty! A judge has dismissed a case against two former State Street Corp [see profile] executives accused of misleading investors in the summer of 2007 about a $2.9 billion fund laden with heavy bets on subprime mortgages, Reuters reports.

Specifically, Chief Administrative Law Judge Brenda Murray dismissed the U.S. Securities and Exchange Commission's case against John Flannery, former chief investment officer of the Americas for State Street Global Advisors, and James Hopkins, former head of product engineering for SSgA North America. In her 59-page decision, Murray wrote that both defendants did not have ultimate authority over fact sheets distributed to investors and that the evidence in the case did not show that the fact sheets contained material misrepresentations or omissions about the fund's assets.

Fundsters interested in reading more about the case may want to read the rest of the article. 

Edited by: Hung Tran


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