April 20, 2016 / 2:52 PM / a year ago

Massachusetts says State Street unit overcharged clients

BOSTON, April 20 (Reuters) - Massachusetts’ top securities regulator on Wednesday charged that a unit of custody bank State Street Corp. overcharged custodial clients, including pension, mutual and hedge funds.

William Galvin said State Street Global Markets LLC has engaged in a pattern of overcharging, noting the company often labeled charges for secure electronic messages, known as SWIFT messages, as “out-of-pocket” expenses that contained concealed markups of up to 1,900 percent. (Reporting by Svea Herbst-Bayliss)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below