FYI: The Securities and Exchange Commission today announced that State Street Bank and Trust Company has agreed to pay over $88 million to settle charges that for almost two decades the global firm systemically overcharged retail mutual fund clients to custody their assets.
The Boston-based institution, which custodies some $32 trillion, overcharged clients $170 million including a “secret markup” the firm tacked on to the cost of sending secured financial messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, the SEC said in its order.
Regards,
Ted
https://www.fa-mag.com/news/the-sec-fines-state-street--88-million-for-markups-45680.html?print
