State Street Bank and Trust Co. Class Action Dismissed

In 2003, a class action was filed on behalf of more than 70,000 United Airline workers and retirees claiming the bank held onto stock and watched its value plunge despite knowing the carrier was unstable. A U.S. District Judge has dismissed the case against the trustee because they could not have known the airline was on the brink of bankruptcy and therefore could not have been expected to begin selling United stock. (Oct-14-05) [HERALD TRIBUNE]