State Street Bank and Trust Company agreed to pay $382.4 million as part of a global settlement related to its alleged misleading of mutual funds and others related to hidden mark-ups for foreign exchange transactions. The global settlement was with the Securities and Exchange Commission, the US Department of Justice and the Department of Labor. According to the SEC, State Street allegedly misled custody clients by telling them they would receive the most competitive rates on their foreign currency transactions or be provided with best execution, when in fact the bank set prices based on predetermined uniform mark-ups with “no effort to obtain the best possible prices for these customers.”