Ohio Drops BNY Mellon, State Street Over Forex Suits

Law360, New York (March 19, 2012, 5:10 PM EDT) -- Ohio’s state treasurer said Monday he would end agreements with Bank of New York Mellon Corp. and State Street Corp. to manage the international assets of state public pension funds due to persistent allegations the institutions overcharged investors on foreign currency exchange transactions.

Josh Mandel’s decision to award the custodial contracts to JPMorgan Chase & Co. and Citibank NA — managing more than $41 billion in international assets for the state’s four largest public pension funds — comes one week after Ohio Attorney General Mike DeWine...
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