Although it was surely expected now it’s official: Ohio drops BNY Mellon over forex price transactions dispute.
The Ohio Treasurer’s Office will not be doing business with either Bank of New York Mellon Corp. nor State Street Corp. , the Cleveland Plain-Dealer reported.
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The decision, which is expected to be announced later Monday, involves $41 billion in assets from four pension funds in Ohio. The decision follows the Ohio Attorney General’s lawsuit against BNY Mellon that alleged the company (NYSE: BK) overcharged on foreign currency transactions for the Ohio Police and Fire Pension Fund and the School Employees Retirement System of Ohio.