Florida, Virginia Sue BNY Mellon Over Currency Trading Prices
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Bank of New York Mellon Corp. was accused by Florida and Virginia in a lawsuit of allegedly failing to give the states the best possible prices when making foreign currency trades for their state pension funds.
The bank overcharged the Florida Retirement System Trust Fund by millions of dollars, said Pam Bondi, the state’s attorney general, in a statement yesterday. Her Virginia counterpart, Kenneth T. Cuccinelli, said his state has lost about $40 million.