Violation Tracker Individual Record

Company: 
State Street Corporation
Current Parent Company: 
State Street Corp.
Penalty: 
$115,000,000
Year: 
2021
Date: 
May 13, 2021
Offense Group: 
competition-related offenses
Primary Offense: 
fraud
Violation Description: 

Massachusetts-based global financial services company State Street Corporation entered into a deferred prosecution agreement and agreed to pay a $115 million criminal penalty to resolve charges that it engaged in a scheme to defraud a number of the bank's clients by secretly overcharging for expenses related to the bank's custody of client assets.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
U.S. Attorney-District of Massachusetts
Civil or Criminal Case: 
criminal
Prosecution Agreement: 
deferred prosecution agreement
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
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.