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State Street Salary Savings Program Subject to Investigation by Stember Feinstein Doyle & Payne, LLC and Pyle, Rome, Lichten, E

^{Published on 2009-01-22 10:22:57, Last Modified on 2009-01-22 10:23:36 - Market Wire}
 

BOSTON--([ BUSINESS WIRE ])--Two class action law firms are investigating conduct which they believe may have caused losses to the State Street Salary Savings Program (NYSE: STT), the company's 401(k) plan, and may have violated the Employee Retirement Income Security Act of 1974 ("ERISA").

The law firms of Pyle, Rome, Lichten, Ehrenberg & Liss-Riordan, P.C. and Stember Feinstein Doyle & Payne, LLC are investigating whether certain fiduciaries of the Plan knew or should have known that their statements regarding the company's financial health were inaccurate, which the law firms contend may have caused the price of State Street's shares to be highly inflated.

Specifically, the firms are investigating whether State Street breached its fiduciary obligations under ERISA:

1. by continuing to offer State Street common stock as an investment option for participant contributions when it was imprudent to do so;
2. by failing to take action to sell State Street stock or otherwise protect the Plan's assets; and
3. by failing to adequately disclose alleged problems with off-balance sheet assets.

Pyle, Rome, Lichten, Ehrenberg & Liss-Riordan ([ www.prle.com ]) is a plaintiffs'-side employment law firm based in Boston that focuses on class actions.

Ellen M. Doyle of Stember Feinstein Doyle & Payne ([ www.stemberfeinstein.com ]) has been appointed class counsel to represent numerous classes of ERISA plan participants and has served as lead or co-lead counsel in actions recovering more than $100 million for pension plans and their participants.

If you are a current or former employee of State Street and have an individual account with State Street's 401(k) plan, you may have legal claims under ERISA. If you wish to discuss this matter or have any questions concerning your rights with regard to this matter, please contact:

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