Shapiro Haber & Urmy LLP And Stull, Stull & Brody Announce A Proposed $10 Million Cash Settlement Of An ERISA Class Action On Behalf Of Certain Participants In The State Street Salary Savings Program

NEW YORK, Aug. 7, 2014 /PRNewswire/ -- In the United States District Court for the District of Massachusetts, in Kenney v. State Street Corp. et al., No. 09-10750-DJC, and Richard v. State Street Corp. et al., No. 10-10184-GAO, a summary notice has been issued as follows:

SUMMARY NOTICE OF PROPOSED CLASS ACTION SETTLEMENT AND SCHEDULING OF FINAL FAIRNESS HEARING

TO: ALL PERSONS WHO WERE PARTICIPANTS IN OR BENEFICIARIES OF THE STATE STREET CORPORATION SALARY SAVINGS PROGRAM (THE "PLAN") AT ANY TIME BETWEEN AUGUST 27, 2007 AND OCTOBER 21, 2009 AND WHOSE ACCOUNTS INCLUDED INVESTMENTS IN THE EMPLOYEE STOCK OWNERSHIP PLAN.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO A PAYMENT FROM THE SETTLEMENT FUND.  PLEASE READ CAREFULLY.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-referenced action has been preliminarily certified as a class action for purposes of a proposed $10 million cash Settlement, subject to review and final approval by the Court.  As part of the proposed Settlement, Class members who show a loss under the proposed Plan of Allocation may be entitled to a payment from the Settlement.  You do not need to do anything to receive a payment under the Settlement, but your rights will be affected. The Settlement includes a release of any claims related to the administration of the Plan, the selection of investment options under the Plan, and disclosures about the Employee Stock Ownership Plan and the Company's financial condition.

A hearing has been scheduled before the United States District Court at the John Joseph Moakley United States Courthouse, One Courthouse Way, Courtroom 15, Boston, MA 02210, at 3:00 p.m, on October 27, 2014, to determine whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the proposed Plan of Allocation and Plaintiffs' Counsel's applications for attorneys' fees, expenses and Case Contribution Awards. 

You cannot exclude yourself from the Settlement.  You can, however, file written comments or objections with the Court.  You or your lawyer may also appear and request the opportunity to speak at the hearing at your own expense.  To do so, you must send your comments and objections to the Court and the Parties' attorneys no later than October 13, 2014.  Detailed instructions can be found on the Settlement Website on StateStreetCorpERISASettlement.com, where you can also obtain a more detailed notice about the terms of the Settlement, how the existence of a qualifying loss will be determined and how the payments will be calculated, along with the Settlement Agreement and related materials.  Additional information and materials, including Class Counsel's application for attorneys' fees and expenses, will be posted on the Settlement Website as they are filed with the Court.  You may also write to State Street ERISA Litigation Settlement, Settlement Administrator, c/o A.B. Data, Ltd., PO Box 170500, Milwaukee, WI 53217-8091 to request copies of these materials.

All other inquiries may be made by writing to Class Counsel at:

Thomas G. Shapiro, Esq.
Michelle Blauner, Esq.
SHAPIRO HABER & URMY LLP
Seaport East
Two Seaport Lane
Boston, MA  02210
[email protected]

Mark Levine, Esq.
STULL, STULL & BRODY
6 East 45th Street
New York, NY  10017
[email protected]

Published by Order of the U.S. District Court for the District of Massachusetts.

SOURCE Shapiro Haber & Urmy LLP

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