Fla. AG Says BNY Mellon Overcharged On Forex Trades

Law360, New York (August 11, 2011, 10:57 PM EDT) -- Florida's attorney general sued the Bank of New York Mellon Corp. on Thursday, alleging the bank violated the Florida False Claims Act when it cheated a state pension fund out of millions of dollars by inflating the costs of foreign currency transactions.

In a complaint filed in state court in Tallahassee, Florida Attorney General Pam Bondi says the bank added hidden spreads to the foreign exchange trades instead of pricing them at the rates at which the transactions were actually executed, forcing the Florida Retirement System...
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