"Unconscionable Fraud"
Citing "unconscionable fraud," California Attorney General Jerry Brown announced a major lawsuit today against State Street Bank and Trust. Brown seeks to recover more than $200 million from the Boston-based bank.
(SCROLL DOWN TO READ THE PRESS RELEASE AND COMPLAINT.)
According to the complaint, State Street overcharged California's largest pension funds, CalPERS and CalSTRS, for the execution of foreign currency trades. From the press release:
"Over a period of eight years, State Street bankers committed unconscionable fraud by misappropriating millions of dollars that rightfully belonged to California's public pension funds," Brown said. "This is just the latest example of how clever financial traders violate laws and rip off the public trust."
The charges appear to involve alleged shenanigans with the time-stamping of foreign currency trades.
Read more in the press release:
(SCROLL DOWN TO READ THE PRESS RELEASE AND COMPLAINT.)
According to the complaint, State Street overcharged California's largest pension funds, CalPERS and CalSTRS, for the execution of foreign currency trades. From the press release:
"Over a period of eight years, State Street bankers committed unconscionable fraud by misappropriating millions of dollars that rightfully belonged to California's public pension funds," Brown said. "This is just the latest example of how clever financial traders violate laws and rip off the public trust."
The charges appear to involve alleged shenanigans with the time-stamping of foreign currency trades.
Read more in the press release:
posted by Kangaroo Brisbane Australia at 4:36 PM
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