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Galvin fines State Street unit $5 million

By Chris Reidy

 |  Globe Staff  

  February 28, 2012

Massachusetts Secretary of State William F. Galvin said he has fined a unit of State Street Corp. $5 million for its role in a mortgage-backed debt obligation. State Street is a Boston-based financial services company. According to Galvin’s office, State Street Global Advisors failed to disclose a hedge-fund’s involvement in a $1.56 billion collateralized debt obligation known as Carina CDO Ltd. State Street acted as the investment manager of Carina.

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