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State Street sued by Calif.

By
Post Staff Report
Published Oct. 21, 2009, 4:00 a.m. ET

California sued State Street Bank and Trust Co. to recover what officials said were more than $200 million in illegal overcharges owed to the state’s two largest pension funds for foreign currency trading fees.

State Street, based in Boston, charged the California Public Employees’ Retirement System, the largest US defined-benefit public pension fund, and the California State Teachers’ Retirement System rates that were at or near the highest interbank rate for the day instead of the rate at the precise time of the trades, according to the lawsuit.

State Street “consistently marked-up the prices using rates far in excess of the Interbank rate at the time” the trades were executed, according to the complaint, which was filed in state court. State Street denied the charges.