According to a recent disclosure by the company, State Street Corp. has received inquiries from both the New York Attorney General’s office and the U.S. Attorney’s Office in New York regarding its foreign exchange business.  California filed a suit against State Street in 2009 alleging that the company had charged its standing instruction clients, such as state pension funds, a higher foreign currency exchange rate than it previously promised.  State Street previously received inquiries or subpoenas from several other government authorities, including the Department of Labor and the SEC.  Similar charges are currently pending against BNY Mellon.

Both cases were initiated by a whistleblower group led by Harry Markopolos.

Read the entire article, “Firm’s foreign exchange unit gets more scrutiny”