State Street Hit With NASD Fine Over $5B Reporting Error

Law360 (November 23, 2005, 12:00 AM EST) -- State Street Global Markets LLC has reached a settlement over charges it failed to properly report more than $5 billion in corporate and municipal bond trades to the National Association of Securities Dealers.

The $1.4 million settlement from the investment management arm of Boston-based State Street Corp. is the largest leveled against a firm thus far in the NASD's efforts to maintain its standards.

While the dollar figure is trivial for the financial-services firm, with nearly $10 trillion in assets, it sets the stage for continued...
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