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 12-Dec-2016
Initial Filing Format Administrative Action
File Number 3-17720
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Section 34(b) Investment Company Act
• Section 31(a) Investment Company Act; Rule 31a-1(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), Rule 31a-1(b) Investment Company Act.

Resolutions

First Resolution Date 12-Dec-2016
Headline Total Penalty and Disgorgement $167,369,417

Related Documents:

IC-32390 12-Dec-2016 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 9(b) and 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On December 12, 2016, SEC issued a settled administrative order against State Street Bank and Trust Company. According to the SEC, the Company provided its custody clients with "materially misleading statements describing its pricing for a method of foreign currency exchange ("FX") it offered known as Indirect FX", and "records of Indirect FX trades that, in light of these statements, both omitted material information and were misleading in light of the circumstances in which they were made."
IC-32390-s 12-Dec-2016 Administrative Proceeding
SEC Finalizes Settlement with State Street For Misleading Clients About Prices for Foreign Currency Exchange Trades
On December 12, 2016, SEC issued a settled administrative order against State Street Bank and Trust Company. According to the SEC, the Company provided its custody clients with "materially misleading statements describing its pricing for a method of foreign currency exchange ("FX") it offered known as Indirect FX", and "records of Indirect FX trades that, in light of these statements, both omitted material information and were misleading in light of the circumstances in which they were made."