Ohio's attorney general Mike DeWine has filed a lawsuit against Bank of New York Mellon Corp for overcharging state pension funds on foreign currency exchange transactions.
In his complaint, filed in an Ohio state court on behalf of the Ohio Police & Fire Pension Fund and the School Employees Retirement System of Ohio, the attorney has sought for a recompense of over $16m damages caused due to improper practices of the bank, according to Reuters.
According to the complaint, the firm overcharged state and local pension funds on currency transactions, by setting unfavorable prices which generated profit for the bank at the funds’ expense.
In October last year, New York Attorney General Eric Schneiderman alleged that the Bank had galloped clients out of about $2bn over a decade from the practice.