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
Document Reference:
IC-33534
Document Details
Legal Case Name
In the Matter of State Street Bank and Trust Company
Document Name
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
Document Date
27-Jun-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Various undertakings: "State Street has been carrying out a process to reimburse RICs for the overcharges described above, including reasonable interest thereon. State Street’s reimbursement to RICs for overcharges invoiced to RICs in or after October 2011 (the “affected RICs”) will satisfy the disgorgement and prejudgment interest ordered below in Section IV.B of the Order."
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Disgorgement
Individual:
$48,473,242.00
Shared:
Civil Penalty
Individual:
$40,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$307,619.00
Shared:
Total Penalty
Individual:
$88,780,861.00
Shared:
