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Case Center
State Street False Claims
- Issue: Fraud involving currency exchange transactions
State of California ex rel. Associates Against FX Insider Trading v. State Street Corp., No. 34-2008-00008457 (Cal. Super. Ct.) (“State Street I”).
Lieff Cabraser serves as co-counsel for the whistleblowers in this action against State Street Corporation which serves as the contractual custodian for over 40% of public pension funds in the United States. As the contractual custodian, State Street is responsible for undertaking the foreign currency exchange (FX) transactions necessary to facilitate a customer’s purchases or sales of foreign securities.
The complaint charges that State Street violated the California False Claims Act by systematically manipulating the timing of its execution and reporting of FX trades in order to enrich itself, at the expense of California custodial public pension fund clients, including the California Public Employees’ Retirement System and the California State Teachers’ Retirement System.
The case is in the discovery stage after the trial court denied State Street's demurrer.