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Massachusetts Files Complaint Against State Street Global Markets

Last week, the Secretary of the Commonwealth of Massachusetts filed charges against State Street Global Markets for “dishonest and unethical business practices.”  The charges stem from overbilling of out of pocket expenses to custodial clients over an 18 year period, which State Street announced late last year.  While State Street’s announcement cited “incorrect invoicing,” the complaint cites emails and other evidence that State Street failed to describe mark-ups on “pass through expenses” of 1,900%. 

Massachusetts is seeking a finding that the allegations in the complaint are true; an administrative fine; censure; and other remedies, including client reimbursement.