Massachusetts Probing Forex Transactions At State Street -Reuters
April 29 2011 - 1:45PM
Dow Jones News
Massachusetts authorities are investigating State Street Corp.
(STT) in connection with foreign exchange transactions, Reuters
reported Friday, citing a spokesman for the secretary of state.
A few other states have joined lawsuits against State Street and
rival Bank of New York Mellon Corp. (BK) over their forex services.
The banks allegedly inflated their profits by charging customers
artificially higher prices than what foreign exchange trades
actually cost, Reuters said, adding that the banks have denied
wrongdoing.
The spokesman said the state was conducting an "inquiry" related
to State State's foreign exchange transactions and pension
funds.
A State Street spokeswoman declined to comment.
Full story at
http://www.reuters.com/article/2011/04/29/statestreet-forex-idUSN2929620120110429
-Dow Jones Newswires; 212-416-2900
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