Friday, July 29, 2016

State Street To Pay $382M Over Hidden Markups In Foreign Currency Trades

State Street ... set prices largely driven by predetermined, uniform markups and made no effort to obtain the best possible prices for these clients, the regulators said.

State Street Bank and Trust Co. agreed Tuesday to pay $382.4 million in a global settlement with the SEC, DOJ and DOL, for misleading mutual funds and other custody clients by applying hidden markups to foreign currency exchange trades. State Street must pay $167.4 million in disgorgement and penalties to the Securities and Exchange Commission, a…

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