Summary
This Form 8-K filing by State Street Corporation on February 9, 2012, primarily details two key events. First, it announces an investor webcast scheduled for February 9, 2012, featuring senior management, including the CEO and CFO, to present to investors and analysts. The presentation slides were furnished as an exhibit. This webcast likely provided an update on the company's performance, strategy, and outlook. Second, and more critically for investors, the report discloses a court ruling on February 3, 2012, in a lawsuit filed by Prudential Retirement Insurance and Annuity Co. The court found Prudential entitled to a payment of $28.1 million from State Street related to allegations of improper management of active fixed-income strategies. State Street intends to appeal this ruling and estimates its aggregate exposure from this and three other similar pending lawsuits to be between $0 and approximately $90 million, excluding potential punitive damages. The company has not established a reserve for these matters.
Key Highlights
- 1State Street Corporation held an investor webcast on February 9, 2012, with senior management, including the CEO and CFO.
- 2The webcast presentation slides were furnished as Exhibit 99.1 to the Form 8-K.
- 3A court ruled on February 3, 2012, that Prudential Retirement Insurance and Annuity Co. is entitled to $28.1 million from State Street in a lawsuit concerning fixed-income strategies.
- 4State Street intends to appeal the February 3, 2012 court ruling.
- 5The company estimates its aggregate exposure from the Prudential lawsuit and three other similar pending lawsuits to be between $0 and $90 million.
- 6This estimated exposure range excludes potential punitive damages.
- 7State Street has not established a reserve for these legal matters.