Two State Street executives cleared of SEC charges of misleading investors

The U.S. Securities and Exchange Commission has lost an administrative case against two former State Street Global Advisors executives accused of misleading investors through disclosures about the underperformance of a State Street fund holding subprime mortgage-backed securities. In an Oct. 28 58-page ruling, SEC Chief Administrative Law Judge Brenda Murray dismissed the case against the two executives, John Flannery and James Hopkins, finding that there were unaware of the vulnerability of the subprime securities in August 2007, when they made the disclosures.

Read more: Two State Street executives cleared of SEC charges of misleading investors — National Law Journal