Ohio Treasurer Josh Mandel has requested the state’s attorney-general Mike DeWine to investigate the foreign currency exchange practices of State Street and Bank of New York Mellon, Financial Times reports. The inquiry will be regarding the amounts paid for foreign currency deals by four Ohio public pension funds and the Ohio Bureau of Workers’ Compensation.
The contention of the enquiry is the rate pension funds were charged when buying or selling securities in foreign currencies or when interest or dividend income was repatriated. Both the custody banks maintain that their pricing practices are fair.
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