U.S. states are probing whether banks have overcharged state pension funds for foreign-exchange transactions, The Wall Street Journal reports. The states are looking into whether certain banks charged state pension funds the most expensive foreign-exchange price during the day when a trade took place, rather than the rate the bank paid. States are also reviewing whether when currencies were sold, banks paid them the lowest price for the day. States including Florida, Tennessee, California and Virginia are conducting the probes.
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