State Street puts fine news in context
July 1, 2019

State Street has issued a brief formal statement in response to enquiries about reports of US$88m of fines it has paid to regulatory authorities.

State Street responded as follows:

"Today's announcement by the SEC relates to the billing errors that we self-disclosed in 2015. We regret these invoicing errors and the impact on our clients. We have compensated the affected clients with interest, and we have and continue to invest significant resources to improve and strengthen our invoicing processes, controls, and governance.

"The costs associated with this settlement are within our previously established reserve. We have not resolved at this time inquiries by all governmental authorities.

"This is not a new issue, we've disclosed this in public documents since 2015.

"The $88m in the SEC notice includes a $40m fine, the balance is disgorgement and interest that we have already paid out in full."





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State Street has issued a brief formal statement in response to enquiries about reports of US$88m of fines it has paid to regulatory authorities.

State Street responded as follows:

"Today's announcement by the SEC relates to the billing errors that we self-disclosed in 2015. We regret these invoicing errors and the impact on our clients. We have compensated the affected clients with interest, and we have and continue to invest significant resources to improve and strengthen our invoicing processes, controls, and governance.

"The costs associated with this settlement are within our previously established reserve. We have not resolved at this time inquiries by all governmental authorities.

"This is not a new issue, we've disclosed this in public documents since 2015.

"The $88m in the SEC notice includes a $40m fine, the balance is disgorgement and interest that we have already paid out in full."



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