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State Street unit slapped with Wells Notice

State Street Corp. (NYSE: STT) said today that its State Street Bank & Trust Co. unit received a Wells Notice from the Securities and Exchange Commission (SEC). The notice, which indicates that civil charges may be brought against the company, relates to disclosures and management of certain fixed-income strategies during 2007 and previous periods.

Some investors have accused State Street of misleading them about the risks involved in mortgage-related investments. A legal reserve fund worth $625 million was established in 2007 to cover investor claims, and $418 million has already been paid out. The firm says it is currently cooperating with the SEC, as well as state and other regulators.

Continue reading State Street unit slapped with Wells Notice

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Last updated: November 27, 2009: 10:43 PM

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