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State Street loses bid to toss lawsuit over currency trades

By Bloomberg News

 |   

  May 09, 2012

State Street Corp. lost a bid to dismiss a lawsuit by an Arkansas pension fund that says the custody bank profited off foreign-currency trades at the expense of clients. State Street’s motion to dismiss the complaint brought by the Arkansas Teacher Retirement System was denied by US District Judge Mark Wolf in Boston. The pension fund says State Street charged inflated rates when buying foreign currency for clients and reported deflated rates when selling, pocketing the difference between the actual and reported rates.

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