Subprime failings cost State Street $663m

robert-khuzami-sec-2009

WASHINGTON, DC – US financial services firm State Street has agreed to the largest subprime payout yet. The Boston-based bank agreed on February 4 to settle US Securities and Exchange Commission (SEC) charges by repaying fund investors in excess of $300 million.

The settlement ends SEC charges against the bank claiming that when conditions in the fund deteriorated it misled investors about their exposure to the subprime instruments while selectively disclosing a more accurate portrayal of the

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