FINSwire Feb 04 2010

State Street Coughs up Cash for Investors

FINSwire Team

Just in time to make everyone forget about the SECscandal heard round the world, State Street Corp has agreed to pay investors over $300 million to settle charges that it misled them about their exposure to subprime risk, the SEC announced. Turns out State Street sent a number of letters in the summer of 2007 proclaiming the health of their "diversified portfolio," when, in reality, the firm was highly exposed to the subprime mortgage market and when that market crashed, its investors lost millions.

Time to pay the piper.

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