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-32390
Document Details
Legal Case Name
In the Matter of State Street Bank and Trust Company
Document Name
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
Document Date
12-Dec-2016
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Disgorgement
Individual:
$75,000,000.00
Shared:
Civil Penalty
Individual:
$75,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$17,369,416.51
Shared:
