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Friday, November 06, 2009
State Street Adds to Legal Fund, Downgrades 3Q Profits
By Darryl R. Isherwood
FOXBusiness
State Street Corp. (STT) added $250 million to its legal reserve and revised third-quarter earnings downward.
The firm retained its 2009 forecast.
The firm boosted its legal reserve to cover potential fines from regulatory investigations and to address pending lawsuits.
The $625 million reserve was established in 2007 after the company was hit with a number of suits claiming it misrepresented its investment strategy. As of June 30, the firm had paid out $432 million.
State Street revised its third quarter results to include the $250 million reserve, downgrading its profit to $327 million, or 66 cents per share. In late October, it posted a profit of $516 million or $1.04.
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