Violation Tracker Individual Record

Company: 
State Street Corp.
Current Parent Company: 
State Street Corp.
Penalty: 
$53,500,000
Year: 
2019
Date: 
June 14, 2019
Offense Group: 
consumer-protection-related offenses
Primary Offense: 
consumer protection violation
Violation Description: 

State Street agreed to pay restitution expected to exceed $48 million and a $5.5 million civil penalty in settlement of allegations it overcharged clients for use of the SWIFT system, charging markups for sending messages when the system was expected to be paid for on an out-of-pocket basis. A related settlement with the U.S. Securities and Exchange Commission resolved federal allegations.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Massachusetts Attorney General
Civil or Criminal Case: 
civil
Facility State: 
Massachusetts
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.