Virginia and Florida funds sue BNY over FX trades


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...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now


Already a Professional Pensions


More on Currency

Industry Voice: How digital currencies add policy potency for emerging markets

Industry Voice: How digital currencies add policy potency for emerging markets

More monetary policy control as rate decisions have a broader impact

Tomasz Wieladek and Aadish Kumar, T. Rowe Price
clock 11 August 2021 • 2 min read

Life in a low return world: Currency Management Q&A

Professional Pensions spoke to Russell Investments about how to make the most of currency exposures. Here is what they have to say…

PP Online
clock 31 July 2017 • 8 min read

The key factors affecting emerging market currencies

Patrick Zweifel says there could be considerable divergence in the trajectory of individual EM currencies over the coming years.

Patrick Zweifel
clock 22 July 2015 •