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Banking

What State Street says…

When State Street announced that it had entered into settlements with the SEC and Massachusetts Attorney General in February this year the bank emphasised that in reaching these settlements it had not admitted or denied the allegations made by the regulators.

Ron Logue, chairman and chief executive officer (at the time) said: "We value our reputation as a trusted fiduciary to institutions around the world and we recognise the critical importance of fulfilling our fiduciary obligations. As such, we were determined to work with our regulators and with our customers to resolve their concerns around investments in certain of SSgA’s active fixed-income strategies in 2007. We remain committed to building on SSgA’s comprehensive organisational and infrastructure changes implemented over the past 24 months to ensure that our practices not only meet but exceed industry standards."

When State Street announced an increase to its legal reserve in November 2009 it emphasised that: "Since 2007, SSgA has made significant changes to its organisation, including establishing new leadership, and has made substantial investments in its operating platform, including its risk management and compliance operations."

In response to the case brought against the firm on October 2009 by the California Attorney General, a spokeswoman for State Street told the New York Times that the bank "categorically denied any allegations of wrongdoing and would defend itself against any litigation".

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