State Street Slammed With ERISA Suit Over Forex Rates

Law360, New York (October 19, 2012, 10:05 PM EDT) -- A Boeing Co. employee and Andover Cos. retirement plan on Thursday hit State Street Bank & Trust Co. with a putative class action accusing the bank of manipulating foreign currency exchange rates to increase its own profits at its customers' expense.

Boeing employee James Pehoushek-Stangeland and the Andover Companies Employees' Savings and Profit Sharing Plan claim the bank's conduct has violated the Employee Retirement Income Security Act by failing to prudently safeguard their assets and allowing its currency traders to improperly mark up and mark down...
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