Everything’s Fine
Jan 3rd, 2008 at 8:24 am by Susie
Nothing to see here, just move along:
Jan. 3 (Bloomberg) — State Street Corp., the world’s largest money manager for institutions, said the head of its investment unit resigned after the company set aside $279 million to cover legal costs from losses on subprime mortgages.
[...] State Street faces at least three lawsuits filed by clients who accused the firm of breaching its fiduciary responsibilities as a fund manager. Each claims that investment strategies sold as low-risk led to substantial losses because of investments in mortgage-backed securities.
Logue said the company will defend itself against “inappropriate claims” stemming solely from changes in market conditions.
