Florida Attorney General Pam Bondi reached a $28 million settlement Friday with Florida’s custodian bank, the Bank of New York Mellon Corp., to resolve allegations that the bank overcharged the Florida Retirement System Trust Fund millions of dollars in its handling of foreign currency transactions.
The resolution provides full compensation for the state’s foreign currency trades and ensures transparency on the pricing of future trades. The state Board of Administration has billions of dollars in international investments that involve foreign currency transactions.
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