The spate of bond fund suits continue. State Street Corp. and its asset management arm, State Street Global Investors, are facing another lawsuit over losses in the SSgA Yield Plus Fund.

The complaint, filed in the US District Court for the Southern District of Massachusetts Wednesday by Radnor, Pennsylvania-based law firm Schiffrin Barroway Topaz & Kessler, LLP on behalf of Phyllis Crain, alleges that the defendants failed to disclose that majority of the fund' assets were invested in mortgage-backed or mortgage-related securities.
According to the complaint, which is seeking class-action status, the value of the fund's shares was around $9.88, but by April 2008, it had fallen to as low as $6.60.

The plaintiff is seeking unspecified compensatory damages.

Earlier this month, Denver law firm Dyer and Berens and New York law firm Klayman & Toskes filed similar complaints on behalf of purchasers of the SSgA Yield PlusFund. 

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