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Va, Fla sue NY bank over pension funds


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Va, Fla sue NY bank over pension funds

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 kbit 
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RICHMOND, Va. (AP) -- Virginia and Florida are suing the Bank of New York Mellon over the institution's handling of both states' pension funds.
The Virginia lawsuit filed Thursday seeks $120 million in damages. It also seeks $811.6 million in civil penalties.
Florida also is seeking damages and civil penalties.
The Bank of New York Mellon holds about $54 billion in funds for the Virginia Retirement System. Florida's system is worth some $120 billion.
Both lawsuits accuse the bank of overcharging those pension funds on foreign currency transactions.
The bank said in a statement that the lawsuits are unwarranted, and that the defendants will fight the claims in court

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Last Updated on August 11, 2011


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