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State Street settles to pay $32.3M penalty for overcharging EMEA-based clients

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State Street settles to pay $32.3M penalty for overcharging EMEA-based clients

State Street Corp. will pay a $32.3 million penalty as part of a settlement agreement with the U.S. Department of Justice and the U.S. Attorney for the District of Massachusetts in connection with the overcharging of six clients for transition management services in 2010 and 2011.

The bank said it had fully reimbursed the affected clients, all of which are based in the Europe, Middle East and Africa region. The banks also said it fired the responsible employees and strengthened its policies.

The Boston-based company is also seeking to settle the issue with the Securities and Exchange Commission, agreeing in principle to pay $32.3 million as a penalty.