State Street Indirect Foreign Exchange Class Action Settlement
At least $60 million reserved for ERISA plan class members; total settlement $300 million
Last verified September 12, 2026Source: law-firm:keller-rohrbackHow ClaimWatch verifies cases
Closed to new claims. Browse open settlements →
Where this case stands
Final approval hearing held November 2, 2016
Claims closed. The court docket does not yet show a final approval order. Once one is entered, payments usually follow within three to twelve months.
Pending in the United States District Court for the District of Massachusetts (No. 12-11698).
- November 2, 2016Final approval hearing
The court hears any objections and decides whether to approve the settlement.
What happened
State Street Bank and Trust Company charged its custody and trust customers, particularly ERISA plan customers, excessive rates and spreads on indirect foreign exchange transactions. These allegedly unfair and deceptive practices violated statutory, contractual, and fiduciary obligations as well as the Employee Retirement Income Security Act.
Do you qualify?
ERISA plan customers and other custody and trust customers of State Street Bank and Trust Company who engaged in indirect foreign exchange transactions between January 2, 1998 and December 31, 2009.
What the settlement pays
At least $60 million reserved for ERISA plan class members; total settlement $300 million
Paid from a $300M settlement fund. Individual amounts depend on how many valid claims are filed.
Who is in the class
All custody and trust customers of State Street Bank and Trust Company ("SSBT") (including customers for which SSBT served as directed trustee, ERISA Plans, and Group Trusts), reflected in SSBT's records as having a United States tax address at any time during the period from January 2, 1998 through December 31, 2009, inclusive, and that executed one or more Indirect FX Transactions with SSBT and/or its subcustodians during the period from January 2, 1998 through December 31, 2009, inclusive.
Quoted from the settlement notice.
How to file
This settlement reached final approval on November 2, 2016. For information about the settlement and claim procedures, visit the Settlement Administrator's website at www.StateStreetIndirectFXClassSettlement.com
Common questions
- How much does the State Street Indirect Foreign Exchange Class Action Settlement pay?
- Estimated payout: At least $60 million reserved for ERISA plan class members; total settlement $300 million. The settlement fund is $300M.Why settlement checks are smaller than the headline number →
- What is the status of the State Street Indirect Foreign Exchange Class Action Settlement?
- Final approval hearing held November 2, 2016. Claims closed. The court docket does not yet show a final approval order. Once one is entered, payments usually follow within three to twelve months.
- Is the State Street Indirect Foreign Exchange Class Action Settlement notice real, or a scam?
- State Street Indirect FX Class Settlement Administrator is the court-appointed administrator. Claims are filed only at kellerrohrback.com. Filing is always free, and no administrator asks for payment or a full Social Security number by email or text.How to tell a real settlement notice from a scam →
Guides:Why is my settlement check so small?How long a settlement takes to pay outIs this settlement notice real, or a scam?
Summarised from public settlement documents; confirm terms on the official settlement website. ClaimWatch is not a law firm, and filing a claim is free.
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