State Street To Pay $530M In Foreign Exchange Fee Deal
By Evan Weinberger and Kat Greene (July 26, 2016, 8:37 PM EDT) -- State Street Corp. said Tuesday it would pay $530 million to resolve federal and proposed class claims that it overcharged customers on foreign exchange transactions, resolving a long-running investigation into those practices.
The settlement wraps up allegations by U.S. regulators that State Street improperly allowed traders to mark up and mark down foreign currency trades in a way that benefited the Boston-based custody bank's bottom line to the detriment of investors. (Credit: AP) The settlement with the U.S. Department of Justice, the U.S. Department of Labor, the U.S. Securities Exchange Commission and the Massachusetts attorney general wraps up allegations by the...
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