State Street says it will add $65M to foreign exchange legal reserve; raising total to $185M

Associated Press

Financial services firm State Street said Friday it will set aside more money for legal issues related to foreign exchange.

State Street Corp. will add $65 million to the reserve, bringing the total to $185 million. Of that, $115 million was set aside during the fourth quarter.

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The company said the move reduces its fourth-quarter profit to $1.12 per share from $1.24 per share.

State Street said it is in talks with some government agencies and civil litigants about possible settlements. It did not specify which lawsuits or agencies it might settle with.

Shares of the Boston company fell 8 cents to $77.55 in aftermarket trading. The stock has risen 14.5 percent over the last 12 months.