Client Login Portal
    • addthis
    • link : Client Login
    • knowledge network
    • Practice Areas
    • Cases
    • About Us
    • News & Events
    • Our People
    • Knowledge Network
    • Contact Us
    Labaton Sucharow
    • addthis
    • link : Client Login
    • knowledge network
    • Practice Areas
    • Cases
    • About Us
    • News & Events
    • Our People
    • Knowledge Network
    • Contact Us
    • Practice Areas
    • Cases
    • About Us
    • News & Events
    • Our People
    • Contact Us
    • Knowledge Network
    • Client Login
    • Search
    • addthis
    • link : Client Login
    • knowledge network
    Labaton Sucharow
    • News & Events
      • Press Room
      • Published
      • Events
    • Digital Library
      • Videos
      • Podcasts
      • Webinars
    • News & Events
      • Press Room
      • Published
      • Events
      • The Liaison
    • Digital Library
      • Videos
      • Podcasts
      • Webinars

    State Street to Pay $530M in Foreign Exchange Fee Deal

    Law360
    July 26, 2016

    Lawrence A. Sucharow comments on latest settlement involving worldwide financial services holding company

    State Street announced that it would settle to resolve federal and proposed class claims that it overcharged customers on foreign exchange transactions, resolving a long-running investigation into those practices. The settlement is a combination of a $300 million recovery for the class, led by Labaton Sucharow as lead counsel, as well as separate settlements with the DOJ and the SEC, totaling a $530 million payout from State Street. The class action, led by lead plaintiff Arkansas Teachers Retirement System, alleged that State Street improperly allowed traders to mark up and mark down foreign currency trades in a way that benefited the Boston-based custody bank's bottom line to the detriment of investors.

    Lawrence A. Sucharow, Chairman of Labaton Sucharow said, “We believe $300 million is an excellent result for the class. After years of contested litigation and failed mediation and negotiations, this extraordinary settlement could not have been accomplished without good faith on both sides.”

    Useful Links

    • Practice Areas
    • Cases
    • About Us
    • News & Events
    • Our People
    • Knowledge Center

    Our Locations

    footer-list-map_icon New York
    140 Broadway
    New York, NY 10005
    212-907-0700

    footer-list-map_icon Delaware
    222 Delaware Avenue, Suite 1510
    Wilmington, DE 19801
    302-573-2540

    Useful Links

    footer-list-map_icon Washington, D.C.
    1050 Connecticut Avenue, NW, Suite 500
    Washington, D.C. 20036
    212-907-0700

    Stay Connected

    • Facebook
    • Twitter
    • LinkedIn
    Labaton Sucharow
    • Attorney Advertising Disclaimer
    • Privacy Policy
    • Transparency in Coverage Rule
    • labaton.com
    • Labaton Sucharow All Rights Reserved 2023

    Attorney Advertising Disclaimer

    The materials appearing on this website are provided for informational purposes only and do not constitute legal advice. You should not take action based upon this information without consulting legal counsel. This site is not intended to create an attorney-client relationship. The hiring of a lawyer is an important decision that should not be based solely upon any single source of information, including advertising on this website. You may ask us to send you further information about us, and we urge you to review other sources of information about us.