Defendant Name: State Street Bank and Trust Company

Defendant Type: Subsidiary of Public Company

Document Reference: 2017-159_3-18158

Document Details

Legal Case Name In the Matter of State Street Bank and Trust Company
Document Name State Street Paying Penalties to Settle Fraud Charges and Disclosure Failures
Document Date 07-Sep-2017
Document Format Administrative Proceeding
File Number 3-18158
Allegation Type Other
Document Summary The SEC announced in a press release on September 7, 2017 that "State Street has agreed to pay more than $35 million to settle charges that it fraudulently charged secret markups for transition management services and separately omitted material information about the operation of its platform for trading U.S. Treasury securities."

Related Documents:

33-10410 07-Sep-2017 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-and-Desist Order
According to the SEC: "During the period July 2010 through October 2010, State Street provided one GovEx subscriber ("Subscriber A") with a "Last Look" trading functionality ("Last Look") that gave this subscriber a short period of time in which to reject a match to a quote that it had submitted on GovEx. State Street displayed Subscriber A's quotes on GovEx without disclosing to other subscribers that Subscriber A could use Last Look to reject matches on GovEx."