Business & Tech

Former State Street executive pleads not guilty to fraud charges

Edward Pennings, a former State Street Corp. executive in the company’s London office, on Monday pleaded not guilty to securities fraud charges in federal court in Boston.

Pennings, a Dutch citizen, was released on $2 million bond, according to court filings.

Pennings and another former State Street executive, Ross McLellan of Hingham, were indicted in April in an alleged scheme to overcharge six large clients for trading commissions.

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McLellan pleaded not guilty in April.

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State Street, a Boston-based investment giant and custody bank, in 2014 agreed to pay $37.5 million to settle allegations in the matter with regulators in the United Kingdom.

Reuters first reported on Pennings’ appearance.

Beth Healy can be reached at beth.healy@globe.com. Follow her on Twitter @HealyBeth.