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Administration April 11, 2012
Conn. to Review State Street Forex Practices
April 11, 2012 (PLANSPONSOR.com) - Connecticut Attorney General George Jepsen plans to review foreign exchange trades made by State Street Corp. on behalf of the state’s pension fund.
Reported by Tara Cantore
Jepsen plans to hire a forex consultant who will provide expert testimony in potential litigation, according to a contract proposal made public, Reuters reports. Proposals for the contract are due May 11.
The consultant will review forex trades State Street made on behalf of the Connecticut Retirement Plans and Trust Fund, which is valued at $25 billion.
State Street and the Bank of New York Mellon Corp. have been accused by several states of overcharging public pension funds on their forex trades (see “State Street Forex Practices Investigated”).
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