A group of California pension funds have become the latest to sue BNY Mellon in relation to its foreign currency exchange rate practices.  According to the complaint unsealed last week, BNY Mellon promised to provide these clients with the best rates of the day, but instead gave them the worst, resulting in profits for BNY and substantial losses for the California pension funds.

Massachusetts also filed an administrative complaint on Wednesday, the fourth state to file allegations.  A federal case is also pending.

Read the entire article, “BNY Mellon Sued by California Funds Over Foreign Exchange Costs”