Ohio Treasurer Calls For Probe Into Banks' Forex Deals

Law360, New York (June 15, 2011, 3:30 PM EDT) -- Ohio's treasurer asked the state attorney general Tuesday to investigate whether banks have overcharged Ohio's pension funds for foreign currency exchange transactions, joining a handful of other state leaders calling banks' forex practices into question.

Treasurer of State Josh Mandel sent a letter to Ohio Attorney General Mike DeWine requesting the probe into whether banks contracted by the state may have tweaked exchange rates to mark up the prices Ohio's Bureau of Workers' Compensation and its five public employee pension funds paid for forex purchases and...
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