BNY Mellon and State Streep Corp are under increasing regulatory scrutiny for alleged overcharging of their institutional clients in forex transactions. Steven Grossman, Massachusetts State Treasurer, estimated that BNY Mellon overcharged the state’s pension fund by over $20 million, after additional analysis this figure now seems to be over $30 million. Massachusetts State published excerpts of internal BNY Mellon emails that shed light on the situation.
Reuters reports: Bank of New York Mellon Chief Executive Gerald Hassell said the company is adopting new foreign exchange options for clients as it fends off charges it overcharged public pension funds on trades that were not negotiated. Speaking at the company’s investor day presentation, Hassell also said BNY Mellon, the world’s largest custody bank, is open to “reasonable resolutions” to settle various lawsuits against the company.
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