Probing Foreign Exchange Transactions At Custody Banks

Law360, New York (June 15, 2011, 1:31 PM EDT) -- In recent weeks, the U.S. Securities and Exchange Commission and other regulators have joined several state attorneys general in investigating State Street Bank and Bank of New York Mellon’s foreign exchange transaction practices.[1]

The SEC’s foray into the foreign exchange market has interesting implications for the pending civil litigations that have been brought by various state public pension funds against the custody banks, as well as for the depth and breadth of the scrutiny this market will undergo in the coming months.

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