Defendant Name: State Street Bank and Trust Company

Defendant Type: Subsidiary of Public Company
Public Company Parent: State Street Corporation
SIC Code: 6022
CUSIP: 85747710

Initial Case Details

Legal Case Name In the Matter of State Street Bank and Trust Company
First Document Date 27-Jun-2019
Initial Filing Format Administrative Action
File Number 3-19221
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Section 34(b) Investment Company Act

Related Violations Alleged

State Street Bank and Trust Company is alleged to have caused an unidentified individual or entity's violation of Section 31(a) Investment Company Act; Rules 31a-1(a), 31a-1(b) Investment Company Act.

Resolutions

First Resolution Date 27-Jun-2019
Headline Total Penalty and Disgorgement $88,780,861

Related Documents:

IC-33534 27-Jun-2019 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing a Cease-and-Desist Order
The SEC stated: "From 1998, and lasting in to 2015, State Street overcharged its mutual fund clients and other registered investment companies (together, "RICs") for certain reimbursable expenses and reflected those overcharges in records of RIC clients."
2019-114 27-Jun-2019 Press Release--Administrative Proceeding
State Street Settles SEC Charges for Adding Undisclosed Markups on Client Expenses
The Commission stated: "The Securities and Exchange Commission today announced that State Street Bank and Trust Company has agreed to pay over $88 million to settle charges for overcharging mutual funds and other registered investment company clients for expenses related to the firm's custody of client assets."