A New York judge has dismissed a class action lawsuit against State Street as the sponsor of a mutual fund, saying that even though the mutual fund misrepresented its risks, investors were not harmed. That's because the fund correctly calculated its net asset value.

The decision, made on March 31 by Judge Richard Howell of the U.S. District Court for the Southern District of New York, didn’t sit well with some attorneys specializing in investment managers by surprise.

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