Summary
NEW YORK/WILMINGTON, Del. (Reuters) - U.S. states are stepping up probes into whether banks overcharged public pension funds millions of dollars in converting currencies for securities trades, a lucrative area of banking.
Officials in Florida, Virginia and California are examining foreign exchange fees paid by state retirement systems and they are getting help from would-be whistle-blowers who have filed private lawsuits against Bank of New York Mellon Corp. and State Street Corp.See the full content of this document
Extract
U.S. States Ramp Up Foreign Currency Trade Probes
Florida Attorney General Pam Bondi filed on Thursday [Feb. 3] a state court notice of intervention in a case involving Bank of New York Mellon, according to a court filing.
"The AG's office is investigating this practice," spokeswoman Jennifer Krell Dav...See the full content of this document
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