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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.
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