State St charged with FX fraud
SACRAMENTO - State Street is the latest bank to become embroiled in a possible foreign exchange scandal after claims it overcharged custodian clients California Public Employees' Retirement System (Calpers) and California State Teachers' Retirement System (Calstrs) $56.6 million on FX trades.
A lawsuit filed by the California state attorney-general's office on October 20 claims State Street committed "unconscionable fraud" by discreetly adding a spread of up to 144 pips over interbank rates
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