Northern Trust Hit With Securities-Lending Subpoena

Apr 30 2014 | 1:51pm ET

The Securities and Exchange Commission is seeking information from Northern Trust about its securities-lending business.

The bank, which is a major hedge-fund servicer, said it had received a subpoena from the SEC in a regulatory filing.  Northern Trust did not say what specifically the commission was looking at.

Northern Trust has been the subject of a number of lawsuits filed by clients of its securities-lending unit. The bank has settled several of the claims.

“We believe the securities lending practices under review are appropriate,” Northern Trust said. “We will fully cooperate with the SEC to facilitate its review.”

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