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Ohio Sues NY Bank For $16 MIllion
Ohio has filed a lawsuit against The Bank of New York Mellon, alleging fraud, deceptive trade practices and other misdeeds in the handling of the state’s retirement funds for police officers, firefighters and school employees.
The office of Attorney General Mike DeWine says the suit seeks damages of more than $16 million. Investigators say the funds were overcharged when the bank improperly used exchange rates most favorable to the bank to convert U.S. funds into foreign currency for stock purchases.
DeWine says the bank “exploited the volatility of the foreign currency market to their advantage at the expense of Ohio pensioners.”
A bank spokesman calls the allegations “simply wrong.” He tells The Columbus Dispatch the suit recycles baseless allegations from lawsuits brought elsewhere by the same lawyers.