Violation Tracker Individual Record

Company: 
State Street Corporation
Current Parent Company: 
State Street Corp.
Penalty: 
$10,000,000
Year: 
2014
Date: 
November 20, 2014
Offense Group: 
employment-related offenses
Primary Offense: 
benefit plan administrator violation
Secondary Offense: 
pension ERISA violation
Violation Description: 

The case involved allegations that State Street inflated its share price by overcharging clients on foreign exchange services and falsely representing that its investments in mortgage-backed securities were safe. Suits were brought on behalf of State Street employees with company stock in their retirement accounts and on behalf of investors. The settlement listed here relates to the employees; the company separately agreed to pay its shareholders $60 million.

Level of Government: 
federal
Action Type: 
private litigation
Court: 
District of Massachusetts
Civil or Criminal Case: 
civil
Case ID: 
1:09-cv-10750
Case Name: 
Kenney v. State Street Corporation et al
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
Massachusetts
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Link to PACER Case Docket (must be logged in): 
Link to Archived Court Document: 
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.