State Street has been sued by an Arkansas public pension fund for overcharging clients on FX transactions, The Wall Street Journal reports. The suit seeks class-action status on behalf of all affected customers of State Street, including public and private pension funds, mutual funds and endowments. The Arkansas Teacher Retirement System, which oversees around $11 billion in assets, is being represented by a Boston law firm, Thornton & Naumes. The suit accuses State Street of generating hundreds of millions of dollars in profits annually through its unfair and deceptive FX practices.
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