Bank of New York Mellon has been accused of overcharging Florida’s state pension fund on foreign exchange transactions, The Wall Street Journal reports. The lawsuit alleges that the bank overcharged the state for foreign currency exchanges by trading them in a manner that led Florida to pay extra or earn less. The bank acts as the chief custodian for Florida’s $120 billion retirement fund. The state of Virginia has also filed a lawsuit against BNY, alleging it failed to give the state the best possible prices when making foreign currency trades for its state pension fund, adds Bloomberg.
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