Frequently Asked Questions

What is this lawsuit about?

The Action is known as Delarosa v. State Street Corporation, et al., Case No. 17-cv-11155-NMG, and the Court in charge of the case is the United States District Court for the District of Massachusetts. Among other things, the Action is about whether Defendants violated the federal securities laws by allegedly making false and misleading statements to the investing public as set forth in the complaint. The complaint alleges that Defendants violated the federal securities laws by making false and misleading statements regarding the Company’s annual financial statements for fiscal years 2011 through 2015. The Action seeks money damages against Defendants for violation of the Securities Exchange Action of 1934.  The Court has made no decision regarding the merits of the claims.  The Settlement resolves all of the claims in the Action, as well as certain other claims or potential claims.

 

How do I know if I am part of the Settlement?

The Settlement Class consists of all Persons who purchased or otherwise acquired State Street common stock during the period from February 27, 2012 and January 18, 2017, inclusive.

 

Are there exceptions to being included?

Yes. Excluded from the Class are Defendants, members of their immediate families, the subsidiaries and affiliates of State Street (provided, however, that no ERISA plan for the benefit of any employees of State Street shall be excluded); any person who is a partner, chief executive  officer, executive vice president, chief financial officer, principal accounting officer (or if there is no such accounting officer, the controller), director, members, or controlling person of State Street; any entity in which any Excluded Party has a controlling interest; and the legal representatives, heirs, successors and assigns of any such excluded party; provided, however, that any Investment Vehicle shall not be excluded from the Settlement Class. Also excluded are any Persons who timely and validly request exclusion from the Settlement Class.

 

What is the settlement fund?

The Settlement provides that, in exchange for the Settlement and dismissal of the Action with prejudice, State Street will pay four million nine hundred thousand dollars ($4,900,000) into a settlement fund. The Settlement is subject to Court approval. Also, subject to the Court’s approval, a portion of the settlement fund will be used to pay attorneys’ fees and reasonable litigation expenses to Lead Counsel and an Award to the Plaintiffs. A portion of the settlement fund also will be used to pay taxes due on interest earned by the settlement fund, if necessary, and the costs of the claims administration, including the costs of printing and mailing this Notice and the costs of publishing notice. After the foregoing deductions from the settlement fund have been made, the amount remaining will be distributed according to the Plan of Allocation to be approved by the Court to Settlement Class Members who submit timely, valid claims.

 

What can you expect to receive under the proposed Settlement?

Your share of the Net Settlement Fund will or may depend on: (i) the number of claims filed; (ii) the dates you purchased and sold State Street common stock; (iii) the prices of your purchases and sales; (iv) the amount of administrative costs, including the costs of notice; and (v) the amount awarded by the Court to Lead Counsel for attorneys’ fees, costs, and expenses and to Plaintiffs.

The Claims Administrator will determine each Settlement Class Member’s pro rata share of the Net Settlement Fund based upon each Settlement Class Member’s valid “Recognized Loss,” as defined in the Plan of Allocation. The Recognized Loss formula is not intended to be an estimate of the amount that a Settlement Class Member might have been able to recover after a trial; it also is not an estimate of the amount that will be paid to Settlement Class Members pursuant to the Settlement. The Recognized Loss formula is the basis upon which the Net Settlement Fund will be proportionately allocated to Authorized Claimants.

 

How can I get a payment?

To qualify for payment, you must timely send in a form entitled “Proof of Claim and Release Form,” which can be found by clicking here.  Read the instructions carefully, fill out the form, sign it in the location indicated, and mail the claim form together with all documentation requested in the form, postmarked no later than March 4, 2019, to the Claims Administrator, at: State Street Corporation Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, Media, PA 19063 or click here to file a claim form online. The Claims Administrator will process your claim and determine whether you are an Authorized Claimant.

 

What am I giving up to get a payment or stay in the Class?

Unless you exclude yourself from the Settlement Class by the March 18, 2019 deadline, you will be a member of the Settlement Class and will be bound by the release of claims if the Settlement is approved. That means you and all other Settlement Class Members and each of their respective parent entities, associates, affiliates, subsidiaries, predecessors, successors, assigns, attorneys, immediate family members heirs, representatives, administrators, executors, devisees, legatees, and estates will release (agreeing never to sue, continue to sue, or be part of any other lawsuit) any claims which arise out of, are based upon or relate in any way to the purchase, acquisition, or sale of State Street common stock during the Settlement Class Period. It means that all of the Court’s orders in the Action will apply to you and legally bind you. The specific terms of the release and related terms are included in the Stipulation of Settlement.

 

How do I get out of the Settlement?

To exclude yourself from the Settlement, you must mail a letter that (A) clearly indicates your name, address, phone number and e-mail contact information (if any) and states that you “request to be excluded from the Settlement Class in Delarosa v. State Street Corporation, et al., 17-cv-11155 (D. Mass.)” and (B) states the date, number of shares and dollar amount of each of your State Street common stock purchases, acquisitions, and sales during the Settlement Class Period, as well as the number of shares of State Street common stock you held as of February 27, 2012 through January 18, 2017. You must sign and submit the request as the beneficial owner under penalty of perjury.  You must mail your exclusion request, to be received no later than March 18, 2019, to the Claims Administrator at:

State Street Corporation Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
Media, PA 19063

You cannot exclude yourself by telephone or by e-mail.

If you properly exclude yourself, you will not receive a payment from the Net Settlement Fund, you cannot object to the Settlement, and you will not be legally bound by the judgment in this case.

If you do not exclude yourself by following the procedure outlined above, you will be bound by all orders entered in the Action and you will give up any right to sue the Defendants or other Released Parties for the claims being released in this Settlement. If you have a pending lawsuit related to any Released Claims (as that term is defined in the Stipulation of Settlement), speak to your lawyer in that case immediately, since you must timely exclude yourself from this Settlement Class to continue your own lawsuit.

 

Do I have a lawyer in this case?

The Court appointed The Rosen Law Firm, P.A. as Lead Counsel to represent you and the other Settlement Class Members. Contact information for Lead Counsel is provided below. If you want to be represented by your own lawyer, you may hire one at your own expense.

 

How do I tell the Court that I do not like the Settlement?

If you are a Settlement Class Member, you can object to the Settlement, any part of the Settlement, Lead Counsel’s motion for attorneys’ fees and expenses and application for an award to Lead Plaintiff. To do so, you must object in a writing, stating that you object to the Settlement in Delarosa v. State Street Corporation, et al., 17-cv-11155 (D. Mass.). You must also include (1) your name, address, telephone number and email address (if any), (2) documentation showing all of your purchases and sales of State Street common stock during the Settlement Class Period in order to show your membership in the Settlement Class, (3) all grounds for the objection, including any legal support known to you or your counsel, (4) the name, address and telephone number of all counsel who represent you, including your former or current counsel who may be entitled to compensation in connection with the objection, and (5) the number of times each of you and/or your counsel has filed an objection to a class action settlement in the last five years, the nature of each such objection in each case, the jurisdiction in each case, and the name of the issuer of the security or seller of the product or service at issue in each case. You must serve copies of any objections, papers and briefs to the following addresses, to be received no later than March 31, 2019:

Clerk of the Court

U.S. District Court for the District of Massachusetts
1 Courthouse Way
Boston, MA 02210

Lead Counsel

Laurence M. Rosen, Esq.
THE ROSEN LAW FIRM, P.A.
275 Madison Avenue
34th Floor
New York, New York 10016

Tel:  (212) 686-1060
Fax:  (212) 202-3827

Counsel for Defendants

William H. Paine
Wilmer Cutler Pickering Hale and Dorr LLP
60 State Street
Boston, MA 02109

Tel: (617) 526-6000

Any Person who does not timely submit a written objection complying with the terms set forth above shall be deemed to have waived, and shall be foreclosed from raising, any objection to the Settlement, and any untimely objections will be barred. 

If you exclude yourself from the Settlement Class, you cannot object to the Settlement because it no longer concerns you.  If you stay in the Settlement Class and object, but your objection is overruled, you will not be allowed a second opportunity to exclude yourself.

 

When and where will the Court decide whether to approve the Settlement?

The Court will hold a Settlement Hearing on April 17, 2019, at 3:00 p.m., at the United States District Court for the District of Massachusetts, Courtroom No. 4, 3rd Floor, 1 Courthouse Way, Boston, Massachusetts 02210.  At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate and whether to approve the Settlement. If there are objections, the Court will consider them, and the Court will listen to people who have asked to speak at the hearing following the instruction in the “Do I have to come to the hearing?” Question below. The Court may also decide how much to pay Lead Counsel for attorneys’ fees and expenses and how much to award to Plaintiffs.  Be aware that the Court may change the date and time of the Settlement Hearing without further notice to Settlement Class Members.  If you plan to come to the hearing, you should check with Lead Counsel before coming to be sure that the date or time has not changed.

 

Do I have to come to the hearing?

No.  If you send an objection, you do not have to come to Court to talk about it. As long as you mail your written objection on time, the Court will consider it.  However, if you wish to be heard orally at the Settlement Hearing, you must indicate in your written objection (or in a separate writing that is timely submitted) that you intend to appear at the Settlement Hearing and identify any witnesses you may call to testify and exhibits you intend to introduce into evidence at the Settlement Hearing.  If you or your attorney intend to appear in Court, you must file with the Court and serve on the counsel listed above in the “How do I tell the Court that I do not like the Settlement?” Question above, a notice of appearance, setting forth the name and address of anyone intending to appear by no later than March 31, 2019.

 

What happens if I do nothing at all?

If you do nothing, you will not receive a payment from the Settlement. However, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Defendants and the other Released Parties concerning the Released Claims (as defined in the Settlement Stipulation) ever again.

 

How do I get more information about the proposed Settlement?

More details are in the Stipulation of Settlement dated August 13, 2018.  You can get a copy of the Stipulation of Settlement by clicking here, by contacting the Claims Administrator by clicking here or by contacting Lead Counsel at the address/number in the “How do I tell the Court that I do not like the Settlement?”  Question above. In addition, the pleadings, Settlement Stipulation, other documents and orders in the Action can be inspected at the Clerk’s Office, U.S. District Court for the District of Massachusetts, 1 Courthouse Way, Boston, MA 02210.