UK Fines State Street Unit $38M For Overcharging Clients

Law360, New York (January 31, 2014, 4:38 PM EST) -- The U.K. Financial Conduct Authority on Friday fined a State Street Corp. unit 22.9 million pounds ($38 million) for secretly overcharging clients, alleging the firm acted deliberately and with “complete disregard” for the interests of customers.

The watchdog agency said State Street UK had overcharged six clients a total of about $20 million between June 2010 and September 2011, and then concealed the markups. The wrongdoing took place in the company’s transitions management business, which seeks to help clients manage risk and increase returns, such as by...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.