State Street Units Accused Of Forex Trading Scheme
Law360, New York (October 13, 2011, 7:28 PM EDT) -- Two subsidiaries of State Street Corp. were hit Wednesday with a proposed class action on behalf of several retirement funds alleging the financial services company added an undisclosed mark-up in foreign exchange transactions.
Frederick, Md., resident Arnold Henriquez brought suit under the Employee Retirement Income Security Act on behalf of the Waste Management Retirement Savings Plan and all other similarly situated plans.
The suit alleges that starting in 2001 the subsidiaries would execute forex trades at one exchange rate early in the day, pick a rate later in the day that was more beneficial to the firm, and tell clients the...
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