BNY Mellon, State Street Replaced as Ohio Pension Custodians

Bank of New York Mellon Corp. and State Street Corp. are being replaced as the custodians of international investments for four Ohio pension funds by JPMorgan & Chase Co. and Citigroup Inc., state Treasurer Josh Mandel said.

The move comes after BNY Mellon, the world’s largest custody bank, was sued March 12 by Ohio Attorney General Mike DeWine, who claimed the institution swindled pension funds through foreign-currency transactions. Boston-based State Street, the third-biggest custody bank, is being sued by the U.S. Department of Justice and other states over fraud and deceptive-practice allegations, Mandel said in a release.