Here's another mortgage crisis lawsuit in the making.
More than 200 retirement plans have brought suit against State Street Corporation, the country's largest money manager for institutions.
The lawsuit alleges that State Street breached its "fiduciary duty" to investors. The investors claim that mortgage-backed securities were marketed to them as being low risk investments.
Damages are estimated at well over $1 billion. State Street has already set aside $625 million to cover damages.
No big surprises on this one. When things are going well, everybody is happy. When the bubble pops, the lawyers get busy.