Labaton Sucharow Recovers $300 Million from State Street in connection with FX Trades


NEW YORK, July 26, 2016 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP announced today a proposed $300 million settlement with Boston-based financial services company, State Street Corporation (State Street). The Firm serves as lead counsel on behalf of the plaintiff Arkansas Teacher Retirement System (ATRS) in Arkansas Teacher Retirement System v. State Street Corp. et al., No. 11-cv-10230 (D. Mass.), with assistance from Thornton Law Firm LLP and Lieff Cabraser Heimann & Bernstein, LLP. Two other class actions alleging claims under the Employee Retirement Income Security Act of 1974 (ERISA) were consolidated into this ATRS action, and the ERISA plaintiffs are also represented by Keller Rohrback LLP, McTigue Law LLP, and Zuckerman Spaeder LLP.

Represented by Labaton Sucharow Chairman Lawrence A. Sucharow and partners Eric J. Belfi, David J. Goldsmith, and Michael H. Rogers, ATRS alleges that State Street and certain affiliated entities misled members of the class in connection with certain foreign currency exchange (FX) trades. After surviving a motion to dismiss, review and analysis of several million pages of documents, consultation with experts, and multiple negotiation and mediation sessions, the parties came to an agreed-upon settlement. State Street is also separately entering into agreements with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC), and the U.S. Department of Labor (DOL).

Sucharow, who spearheaded the negotiations, said, “We believe $300 million is an excellent result for the class. After years of contested litigation and failed mediation and negotiations, this extraordinary settlement could not have been accomplished without good faith on both sides.” Sucharow also praised the court for having the foresight to send the parties to mediation, as well as the resolve and participation of the plaintiff, ATRS.

George Hopkins, Executive Director of ATRS, stated, “The Arkansas Teacher Retirement System represents the retirement security for the educators of Arkansas. ATRS is focused on protecting the trust fund that ensures that retirement security. Labaton Sucharow is a top-notch firm that continuously impressed me during this litigation. The Firm’s team worked effectively and tirelessly to obtain quality results for the class.”

About Labaton Sucharow LLP

Labaton Sucharow prosecutes precedent-setting class actions, recovering billions of dollars on behalf of defrauded investors and consumers. The Firm’s successful reputation is built not only on its team of more than 60 attorneys, but also on its industry-leading in-house investigators, financial analysts, and forensic accountants. The Firm litigates in the areas of securities, antitrust, and consumer protection law. For more information, visit www.labaton.com



            

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