June 27, 2019 / 4:30 PM / a year ago

State Street to pay $88.8 mln to settle with U.S. SEC on mutual fund overcharges

June 27 (Reuters) - State Street Corp agreed to pay $88.8 million to settle charges by the U.S. Securities and Exchange Commission that it overcharged mutual funds and other clients for expenses related to its custody of client assets, the regulator said on Thursday.

The SEC said the payment includes a $40 million civil fine, plus $48.8 million of disgorgement and interest. State Street did not admit or deny wrongdoing, but self-reported its conduct and provided substantial cooperation, the SEC said. (Reporting by Jonathan Stempel in New York)

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