State Street Braces For More Forex Overcharge Suits

Law360, New York (February 27, 2012, 1:40 PM EST) -- State Street Corp., already facing civil claims from California's top prosecutor that it overcharged foreign exchange customers by $56 million, disclosed Monday that federal and state prosecutors in New York are investigating the bank's lucrative forex business as well.

The Boston-based bank told the U.S. Securities and Exchange Commission that it expects to face additional litigation.

"We expect that plaintiffs will seek to recover their share of all or a portion of the revenue that we have recorded from providing indirect foreign exchange services," the bank...
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