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Rating:State Street Pads its Legal Reserve Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, November 06, 2009

State Street Pads its Legal Reserve

Reported by Adam Kommel

State Street has added $250 million to its legal reserve, company executives said Friday. The firm established the reserve in 2007 to address legal issues stemming from losses incurred by investors in some State Street Global Advisors bond funds.

The fund was established with $625 million, but payouts have since dropped the reserve to $193 million.

The addition of $250 million to the reserve lowered State Street's third quarter earnings to $327 million from a previously reported $516 million.

In August, The MFWire reported that company officials expected to pour more money into the fund. 

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