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The Boston Globe

Business

BNY Mellon settles complaint over fees

State says bank overcharged

Bank of New York Mellon Corp., which administers the state pension fund assets, has agreed to cut its fees by $15.5 million over nine years to settle complaints that it overcharged Massachusetts on foreign currency conversions.

Under the agreement announced Monday, the custodial bank also said it would pay the state $100,000 to reimburse the secretary of state’s office for its investigation. Secretary of State William Galvin previously alleged that BNY Mellon overcharged the state by $29 million for converting international investments into dollars over the past decade.

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