Action against Respondent, a financial services company, for alleged overcharges to clients.  According to the SEC, Respondent’s mutual fund and other registered investment company clients agreed to reimburse certain out-of-pocket expenses that Respondent as custodian incurred on the clients’ behalf.  The SEC alleges that Respondent routinely charged clients more than its actual expenses.  Respondent has agreed to pay disgorgement of $48,473,242, prejudgment interest of $307,619, and a civil penalty of $40 million.

SEC Order

SEC Press Release