State Street has received subpoenas from the U.S. Department of Justice and the Securities and Exchange Commission (SEC) for information regarding its solicitation of asset servicing business of public retirement plans.
It made the announcement in a 10-Q filing with the SEC on Monday.
“We have retained counsel to conduct a review of these matters, including our use of consultants and lobbyists in our solicitation of business of public retirement plans and, in at least one instance, political contributions by one of our consultants during and after a public bidding process,” State Street says in the filing.
While the company can’t predict the outcome of these matters, it says “adverse outcomes could have a material adverse effect on our business and reputation.”
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