Ohio Pension Funds Sue BNY Mellon
March 13, 2012 (PLANSPONSOR.com) – Ohio’s attorney general filed a lawsuit against Bank of New York Mellon Corp for allegedly overcharging state pension funds for foreign currency exchange transactions.
The lawsuit was filed on behalf of the Ohio Police & Fire Pension Fund and the School Employees Retirement System of Ohio, reports Reuters. The funds are seeking more than $16 million in damages.
Bank of New York Mellon currently faces several lawsuits, as well as state and federal probes, into allegations it overcharged state and local pension funds on currency transactions by setting unfavorable prices that let it profit at the funds’ expense. (see “BNY Mellon Sued by U.S. and NY” and “State Pension Funds Sue BoNY Mellon over FX Charges”).
In a statement to Reuters, Kevin Heine, a Bank of New York Mellon spokesman said, “We are confident we are right on the facts and the law. We provide our clients with a valuable service at competitive prices and any suggestion otherwise is simply wrong.”
The case is Ohio Police & Fire Pension Fund et al v. Bank of New York Mellon Corpet al, Court of Common Pleas, Franklin County, Ohio.