"State Street Bank and Trust Company agreed to pay $12 million to settle charges that it conducted a pay-to-play scheme through its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension funds. An SEC investigation found that [the head of] State Street's public funds group responsible for serving as custodians or sub-custodians to public retirement funds, entered into an agreement with Ohio's then-deputy treasurer to make illicit cash payments and political campaign contributions. In exchange, State Street received three lucrative sub-custodian contracts to safeguard certain funds' investment assets and effect the settlement of their securities transactions."  MORE >>