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State Street Bank being investigated for FX practices

|Includes:BK, FX, State Street Corporation (STT)

"Indirect foreign exchange" execution methods under scrutiny.

State Street_logoState Street Bank revealed today in its annual 10-K filing (see page 20) with the SEC that the New York Attorney General has "made inquiries to us about our indirect foreign exchange execution methods."

State Street further expects that plaintiffs will "seek to recover their share of all or a portion of the revenue recorded from providing indirect foreign exchange services." For 2011 that was about $331 million.

For more details see LeapRate's Forex Industry News at leaprate.com.

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Stocks: STT, BK, FX