$530M State Street Forex Deal Gets Judge’s
November 2, 2016
David J. Goldsmith comments on final settlement against global financial services holding company
A $300 million settlement between State Street Corporation and a class of investors over its foreign exchange practices was recently approved by the courts, which led to other settlements with federal regulators worth $230 million. This class action deal is the largest in the history of Massachusetts’ unfair practices law, Chapter 93A, and is also the third largest non-securities class settlement in the First Circuit.
Partner David J. Goldsmith shared his thoughts on the final settlement with Law360. “We plowed the road,” he said. “After the settlement got initial approval, not a single class member objected to or opted out of the deal.”
“We're gratified that Judge Wolf has granted final approval to this extraordinary cash settlement, and we look forward to seeing the proceeds of the settlement distributed to members of the class,” Goldsmith said, adding, he was very pleased “the court recognized the efforts of our client, the Arkansas Teacher Retirement System, which took a risk and stepped forward to right a perceived wrong."