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State Street Bank and Trust to pay SEC $167.4M

State Street Bank and Trust Co. has reached a $167.4 million settlement with the SEC over claims of misleading clients with hidden markups to its foreign currency exchange trades.

The settlement consists of disgorgement of $75.0 million and prejudgment interest of $17.4 million. The agency has also issued a cease and desist order against the unit of State Street Corp., along with a civil money penalty of $75.0 million.

Back in May 2015, certain current and former custody clients claimed that State Street's indirect foreign exchange rates were not adequately disclosed or were otherwise improper. The expected settlement was previously announced in July. In addition, the company is pegged to pay $155 million to the U.S. Justice Department and at least $60 million to the Employee Retirement Income Security Act plan clients in an agreement with the U.S. Labor Department.