State Street is set to recover $ 75 million in profits after an agreement was reached resolving allegations that the bank provided misleading FOREX information . The agreement is set to protect the families of many retirees in Massachusetts that had been told by the bank that they would receive more favourable exchange rates using Indirect data than they did . The agreement further requires State Street to make a payment of $ 500 to the state with additional disgorgement and penalties to follow .
State Street is set to return $75m in profits after an agreement was reached resolving allegations that the bank provided misleading FOREX information. The resolve is set to protect the investments of many retirees in Massachusetts that had been told by the bank that they would receive more favourable exchange rates using Indirect FX than they did. The agreement further requires State Street to make a payment of $500,000 to the state with additional disgorgement and penalties to follow.