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    Friday, November 06, 2009

    State Street Lifts Legal Reserve By $250 Million

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    By John Ittner
    MarketWatch Pulse
       

      NEW YORK -- State Street Corp. said Friday that it has added $250 million to the reserve it established in 2007 to address legal exposure related to losses incurred by investors in certain active fixed-income strategies managed by State Street Global Advisors. The company believes the adjusted reserve should be sufficient for a potential resolution of proceedings by the Securities and Exchange Commission and other governmental authorities. The financial-services company also updated its third-quarter earnings per share to 66 cents on income of $327 million.

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