Fishman Haygood Phelps Walmsley Willis & Swanson v. State Street Corporation, Civil Action No. 1:09-10533-PBS (D. MA) — Defense of State Street Corporation in a class action ERISA litigation challenging State Street''s management of the cash collateral pools for its securities lending program. The district court dismissed the action seeking billions of dollars in damages on the pleadings, finding that the named plaintiff had not incurred damages within the meaning of Article III of the U.S. Constitution or ERISA. There are numerous securities lending litigations pending nationwide, though this case appears to be the first decision dismissing a securities lending class action on the pleadings.
The Public School Retirement System of Missouri v. State Street, No. 09AC-CC00524 (Circuit Court of Cole County, Missouri) — Missouri State Court judge denied petition for temporary restraining order seeking to preclude trustee of a collective investment trust from exercising its rights under the trust agreement on grounds that the plaintiff could not demonstrate irreparable injury. Plaintiff had sought to limit the trustee''s ability to act on behalf of all investors in the collective investment trust and, if successful, potentially could have harmed unrepresented investors in the trust.
DeBenedictis v. Merrill Lynch & Co., Inc., 492 F.3d 209 (3d Cir. 2007) — Court of Appeals affirmed dismissal of class action challenging Fund Family''s mutual fund prospectus disclosures on grounds that the statute of limitations had run with respect to challenges to share class disclosures.
In re Refco, Inc. Sec. Litig., No. 05 Civ. 8626 (GEL), 2008 U.S. Dist. Lexis 62543 (S.D.N.Y. Aug. 14, 2008) — District Court for the Southern District of New York twice dismissed Securities Act of 1933 claims against initial purchasers of Rule 144A private placement, holding that that statute did not apply to unregistered bonds.
Strigliabotti v. Franklin Resources, Inc., No. C-04-0883 SI (N.D. Cal. Sept. 27, 2006) — District Court denied plaintiffs’ motion to certify a class of investors, finding a conflict of interest between plaintiff''s direct claim for damages and derivative claim under Section 36(b) of the Investment Company Act of 1940.