State Street Bank and Trust Company agreed to settle charges brought by the Securities and Exchange Commission that, from 1998 through 2015, it overcharged mutual fund clients and other registered investment companies for certain reimbursable expenses. Specifically, State Street had agreements with its clients to charge for certain out-of-pocket expenses; instead, it charged the clients in excess of US $170 million more than such actual costs. Most of the charges related to costs for outbound SWIFT messages. State Street agreed to resolve an SEC complaint by agreeing to disgorge profits in excess of US $48 million, as well as paying a fine of US $40 million. The SEC acknowledged State Street’s self-reporting and remediation measures in accepting its settlement offer.