BOSTON, April 20 (Reuters) - Massachusetts' top securities
regulator on Wednesday charged that a unit of custody bank State
Street Corp. STT.N overcharged custodial clients, including
pension, mutual and hedge funds.
William Galvin said State Street Global Markets LLC has
engaged in a pattern of overcharging, noting the company often
labeled charges for secure electronic messages, known as SWIFT
messages, as "out-of-pocket" expenses that contained concealed
markups of up to 1,900 percent.