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Eric,

Still working on this and trying to get to the SSgA GC (G’town grad). If he’s receptive to a call, that’s probably the best route.

I do not have any direct contacts in the in-house Litigation department. It would be good to know whether G&E typically works with the in-house litigators, or corporate dept. (or both).

I’m not sure how relevant the attached language on class actions is. Filing a proof of claim in a class action is seems routine, and may be handled by paralegals. I assume that participation in an appraisal action is a more significant commitment.

Dave


_____________________________________________
From: Jewkes, Michael
Sent: Tuesday, March 17, 2015 4:16 PM
To: McGrail, David W
Subject: RE: Message Notification: Voice message from David McGrnil 46547


No, I would not know that. Litigation would probably be your next stop for that. Sorry.

_____________________________________________
From: McGrail, David W
Sent: Tuesday, March 17, 2015 3:52 PM
To: Jewkes, Michael
Subject: RE: Message Notification: Voice message from David McGrnil 46547


Thanks – very helpful. Do you know if SSgA has ever been more actively involved, e.g., lead plaintiff, rather than just filing a proof of claim?

_____________________________________________
From: Jewkes, Michael
Sent: Tuesday, March 17, 2015 3:31 PM
To: McGrail, David W
Subject: FW: Message Notification: Voice message from David McGrnil 46547


Hi Dave,
Thanks for the call. The following is language SSGA discloses to institutional investors about litigation it may or may not get involved in for its funds/separate accounts. In short, it indicates that SSGA engages in class action claims on behalf of its commingled funds (these are our bank maintained unregistered funds, not registered mutual funds) yet does not do so on behalf of separate accounts. This seemed like the type of information you were looking for so I pulled it out of the attached disclosure document which all institutional investors receive.
As for a policy on this. I’m not sure SSGA has one. State Street has a corporate level litigation policy but it does not to addressed your question. SSGA has a proxy voting policy but, (i) it is currently unavailable from our governance site, and (ii) I’m not sure what your asking would be covered in there.
Hope this helps.
Regards,
Mike


“What is SSGA’s practice regarding filing of class action claims involving securities held by a Commingled Fund?
SSGA partners with the Commingled Funds’ custodian, State Street, for the filing of claims related to class action lawsuits in the United States involving securities held by a Commingled Fund. State Street will use reasonable efforts to file applicable proofs of claim on behalf of the Commingled Fund. Settlement proceeds received as a result of our filings will be added to the Commingled Fund’s assets and contribute to the Commingled Fund’s current net asset value and unit price. Due to procedural and other legal differences that may be associated with participating as a plaintiff in securities lawsuits in jurisdictions outside the United States, the uncertain outcome of these lawsuits, and the potential financial implications of participating in these lawsuits, SSGA’s general approach is to not participate in such non-US securities litigation. In the event that a Commingled Fund has closed, any settlement proceeds received by the Commingled Fund subsequent to its closure will be allocated and distributed to the Commingled Fund’s final participants according to SSGA’s policies and procedures.”


“What is SSGA’s practice regarding filing of class action claims involving securities held by a Separately Managed Account?
SSGA, as investment manager for the assets in a client’s Separately Managed Account, can assist with, but does not file, proofs of claim for securities-related litigation cases. Rather, the custodian of the client’s assets is typically charged with this responsibility by the owner of the assets (our clients).”

<< File: Essential_SSg.pdf >>
Michael P. Jewkes
Vice President and Senior Counsel
Legal Department
Tel: 617 664 0326

State Street Global Advisors
1 Lincoln Street, State Street Financial Center, 32nd Floor
Boston, MA 02111-2900
www.ssga.com<http://www.ssga.com>

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-----Original Message-----
From: unityconnection@eamavm02.statestr.com<mailto:unityconnection@eamavm02.statestr.com> [mailto:unityconnection@eamavm02.statestr.com]
Sent: Tuesday, March 17, 2015 3:02 PM
To: Jewkes, Michael
Subject: Message Notification: Voice message from David McGrnil 46547

Info: Voice Mail
Voice Count: 1
From: 617-664-0326
Voice message from David McGrnil 46547 received 03:01:38 PM 03/17/2015


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