The Washington State Investment Board (WSIB) has reached an agreement with State Street over foreign exchange trading issues without filing a lawsuit, Reuters reports. The Massachusetts-based custodial bank has paid $11.7 million to the pension fund.
States including California, Virginia and Florida are taking legal action against custodial banks on behalf of their retirement funds. The lawsuits allege the lenders charged higher prices than the trades actually were executed at in currency trading transactions.
Click here for the story from Reuters.