US - State Street said its US$625m legal reserve may run dry after the Securities and Exchange Commission told the firm it planned to recommend enforcement action against them for violating securities laws.
In a regulatory filing yesterday, State Street said it only had $193m of the original reserve left as of June 30. The firm set up the reserve in 2007 when it came under fire from investors for a...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date