California has launched a $200m legal action against State Street, accusing the institutional money manager of committing “unconscionable fraud” against Calpers and Calstrs, the largest US pension funds. The complaint accuses State Street of illegally overcharging the two pension funds for the costs of executing foreign currency trades since 2001.

This entry was posted by Gwen Robinson on Wednesday, October 21st, 2009 at 4:46 and is filed under Capital markets. Tagged with california, calpers, CALSTRS, state street. Edit this entry.