California sues State Street

stateBoston-based State Street Corporation has been sued by the California attorney general for “unconscionable fraud” against that state’s largest public-worker pension funds.  Law Professor Tamar Frankel, an authority on securities law and author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says the big questions are how will State Street act in the future.

“Will State Street try to change the way it does business and settle for lower profits and lower executive compensation and lower share prices?  Or will there be another way in which the management will try to make up the shortfall?”

Contact Tamar Frankel, 617-353-3773, tfrankel@bu.edu

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