SAN DIEGO, CA / ACCESSWIRE / February 8, 2017 / The Shareholders Foundation, Inc. announces that a lawsuit was filed in California for certain purchasers of shares of State Street Corp (NYSE: STT) over alleged Securities Laws Violations by State Street.
Investors, who purchased shares of State Street Corp (NYSE: STT), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that State Street engaged in a scheme to defraud a number of its clients by secretly applying commissions to billions of dollars of securities trades, that State Street's billing practices relied on unsustainable methodologies, that over a 18-year period, approximately $240 million or more of expenses may have been incorrectly invoiced to State Street's asset servicing clients, that from June 2010 until September 2011, State Street charged clients "substantial" mark-ups without their consent, that as a result, Defendants' public statements were materially false and misleading at all relevant times.
On January 18, 2017, the U.S. Department of Justice announced that State Street Corp entered into a deferred prosecution agreement and agreed to pay a $32.3 million criminal penalty to resolve charges that it engaged in a scheme to defraud a number of the bank's clients by secretly applying commissions to billions of dollars of securities trades. State Street Corp also agreed to offer an equal amount as a civil penalty to the U.S. Securities and Exchange Commission, equaling an aggregate settlement of more than $64 million. State Street Corp admitted the allegations and agreed to a deferred prosecution agreement that requires it to employ an independent corporate compliance monitor for three years.
Those who purchased State Street Corp (NYSE: STT) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
ReleaseID: 454608
