Mass. Reports $20M In BoNY Forex Overcharges

Law360, New York (June 14, 2011, 3:42 PM EDT) -- Massachusetts’ treasurer said on Monday that Bank of New York Mellon Corp. overcharged the state’s pension fund by more than $20 million for foreign currency exchange transactions, the latest accusation of overcharging against the bank.

The overcharges were detailed in a report issued by Treasurer Steven Grossman and Massachusetts Pension Reserves Investment Management Board Executive Director Michael Trotsky, who oversee the state's $50 billion fund.

“Profiting disproportionately on the backs of the commonwealth’s pensioners cannot be allowed to continue," Grossman said, adding that the state would...
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