State Street's foreign exchange business is under investigation by the Securities and Exchange Commission, according to the custody bank's latest quarterly 10-Q filing.
The filing noted that attorneys general from a number of jurisdictions, “as well as U.S. Attorney's offices, the SEC and other regulators, have made inquiries or issued subpoenas concerning our foreign exchange pricing.”
A State Street statement said: “We will cooperate fully with the SEC in its inquiry, and we stand behind our business practices and will continue to defend ourselves against any allegations of wrongdoing.”
