Former CIO Sues State Street

June 21, 2006 ( - Former chief investment officer (CIO) of State Street Global Advisors Alan Brown is suing the company for lost benefits. reports that Brown, now CIO at Schroders Investment Management, claims the company reneged on its agreement that he could take an early retirement package.

Brown said State Streetchief executive David Spina convinced him to stay with the company in 2003, promising that he could take the voluntary severance package at any time over the next five years, according to the news report. Brown alleged that Spina’s successor and a human resources senior vice president reinforced this agreement in 2004

According to Brown’s court filings, when he decided to take the package in March 2005,State Street terminated his employment and denied that he was eligible for voluntary severance benefits.

In March 2005, news services reported that Brown resigned fromState Street and that the company gave no reasons for his resignation (SeeSSgA CIO Resigns).