State Street Corp. , a US custody bank and provider of financial services to institutional investors, has agreed to pay $530 million in order to settle several lawsuits alleging it was overcharging its clients by secretly adding mark-ups on their forex transactions.
“Matters of this nature can drain both time and resources; so where possible and appropriate we feel it is in State Street’s and our clients’ best interests to pursue settlements,” said Mike Rogers, president and chief operating officer of State Street, without admitting guilt.
According to State Street’s statement, it reached agreements with the Department of Justice, Department of Labor and the Massachusetts Attorney General and, subject to court approval, a class of State Street’s custody customers.
https://smnweekly.com/2016/07/27/state-street-shells-530-million-settle-forex-fraud-accusations/
“Matters of this nature can drain both time and resources; so where possible and appropriate we feel it is in State Street’s and our clients’ best interests to pursue settlements,” said Mike Rogers, president and chief operating officer of State Street, without admitting guilt.
According to State Street’s statement, it reached agreements with the Department of Justice, Department of Labor and the Massachusetts Attorney General and, subject to court approval, a class of State Street’s custody customers.
https://smnweekly.com/2016/07/27/state-street-shells-530-million-settle-forex-fraud-accusations/