Virginia and Florida funds sue BNY over FX trades

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US - Pension funds in Virginia and Florida have become the latest to point a finger at Bank of New York Mellon for overcharging for foreign currency trades and both states filed lawsuits against the bank yesterday.

Virginia Attorney General Ken Cuccinelli filed a suit yesterday on behalf of the $54.3bn Virginia Retirement System and the Fairfax and Arlington counties retirement systems. The suit alleges BNY M...

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