Ohio Attorney General Mike DeWine filed suit against BNY Mellon on Monday for alleging that the company defrauded two state pension funds enrolled in its standing instruction foreign currency exchange trading program.  Although the bank promised its customers the best rate to the day, it allegedly provided these customers the worst rate of the day and pocketed the difference.

The bank partially settled a similar suit with the federal government in January, agreeing to change some of the disclosures it provides to customers.  Several other states have nearly identical suits pending against the company.

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