State Street faces class action suits over forex prices

Friday, 14/10/2011 | 08:34 GMT by Michael Greenberg
  • Two subsidiaries of State Street Corp. were hit Wednesday with a proposed class action on behalf of several retirement funds alleging the financial services company added an undisclosed mark-up in foreign exchange transactions.
State Street faces class action suits over forex prices

Looks like the State Street forex rates story won't die down:

Law360, New York (October 13, 2011, 7:28 PM ET) -- Two subsidiaries of State Street Corp. were hit Wednesday with a proposed class action on behalf of several retirement funds alleging the financial services company added an undisclosed mark-up in foreign Exchange transactions.

Frederick, Md., resident Arnold Henriquez brought suit under the Employee Retirement Income Security Act on behalf of the Waste Management Retirement Savings Plan and all other similarly situated plans.

The suit alleges that starting in 2001 the subsidiaries would execute Forex trades at one exchange rate early in the day, pick a rate... Read more here.

Grab your latest copy of the Forex Magnates Retail Forex Industry Report.

Looks like the State Street forex rates story won't die down:

Law360, New York (October 13, 2011, 7:28 PM ET) -- Two subsidiaries of State Street Corp. were hit Wednesday with a proposed class action on behalf of several retirement funds alleging the financial services company added an undisclosed mark-up in foreign Exchange transactions.

Frederick, Md., resident Arnold Henriquez brought suit under the Employee Retirement Income Security Act on behalf of the Waste Management Retirement Savings Plan and all other similarly situated plans.

The suit alleges that starting in 2001 the subsidiaries would execute Forex trades at one exchange rate early in the day, pick a rate... Read more here.

Grab your latest copy of the Forex Magnates Retail Forex Industry Report.

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