State Street Incorrectly Charged $200 Million Over 18 Years

State Street disclosed on Thursday that it over-billed certain clients over an 18-year period by roughly $200 million and will compensate affected clients fully at the end of an internal probe. The Boston financial giant provides asset servicing such as accounting and custody to mutual funds, pensions and other larger investors.

State Street discovered errors after an internal investigation

State Street it will fully compensate affected clients for the over-billing of expenses, including interest, once its investigation is completed, according to The Wall Street Journal. The Boston-based bank also said it will make any required improvements to its billing practices and that its December quarter’s financial results are likely to include...