State Street Settles Three Lawsuits For $70 Million

Earlier this week, State Street settled three lawsuits ? one by investors and two others by the custody bank?s employees ? seeking damages for the huge losses shareholders incurred when the bank?s share price tanked during the economic downturn of 2008. The lawsuits alleged that the bank misled investors about its foreign exchange revenues and also about the quality of mortgage-backed securities ? factors that hit its share price in the wake of the recession.