Nov. 10 (Bloomberg) — State Street Corp., the third-largest custody bank, said the government is seeking information about how it solicited asset-service business from public retirement plans.
State Street is responding to subpoenas from the Department of Justice and the Securities and Exchange Commission for information, the Boston-based firm disclosed today in a regulatory filing.
The firm said it has retained counsel to conduct a review, including the use of consultants and lobbyists to solicit business from pension plans, and that an adverse regulatory outcome could have a "material effect" on its business and reputation.
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