Cohen v. State Street Bank & Trust Co.

The plaintiff, Harold Cohen, seeks damages from his institutional investment manager, State Street Bank and Trust Company (State Street), for losses of approximately $393,000 sustained by him in 2000 and 2001. He appeals from a summary judgment entered in favor of State Street on all counts.1

Background. The following facts are undisputed. In 1997, Cohen opened three different discretionary accounts at State Street including the one here at issue, designated as the “Harold Cohen Simplified Profit Sharing Plan” (account or Plan).2 The parties entered into a written “Investment Manager…