Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

State Street Loses Bid to Toss Lawsuit Over Currency Trades

State Street Corp. lost a bid to dismiss a lawsuit by an Arkansas pension fund that says the custody bank profited off foreign-currency trades at the expense of clients.

State Street’s motion to dismiss the complaint brought by the Arkansas Teacher Retirement System was denied by U.S. District Judge Mark Wolf in Boston, according to an order yesterday.

The pension fund says State Street charged inflated rates when buying foreign currency for clients and reported deflated rates when selling, pocketing the difference between the actual and reported rates.

The trading practices earned State Street hundreds of millions of dollars in profits annually that were “taken directly from the pockets” of the pension fund and other clients, according to the complaint.

State Street was disappointed by the ruling and will fight the claim, Alicia Curran Sweeney, a spokeswoman for the Boston-based company, said in an e-mail.

The case is Arkansas Teacher Retirement System v. State Street Corp., 11-10230, U.S. District Court, District of Massachusetts (Boston).

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.