Attorney General Pam Bondi News Release
August 11, 2011
Contact: Whitney Ray
Phone: (850) 245-0150
Attorney General Pam Bondi Issues Statement on Complaint Against Bank of New York Mellon
TALLAHASSEE, Fla.–Attorney General Pam Bondi issued the following statement on the complaint filed today on behalf of the State of Florida alleging that Bank of New York Mellon overcharged the state retirement fund by millions of dollars for foreign currency exchanges in violation of the Florida False Claims Act. BNY Mellon serves in a fiduciary role as master custodian of the Florida Retirement System Trust Fund and is involved in a majority of transactions regarding the fund.
“Every penny that state and local employees entrust to Florida’s pension fund is hard-earned, and we will not allow Floridians’ money to be lost due to fraudulent activity,” stated Attorney General Pam Bondi. “Overcharging for foreign exchange transactions is essentially stealing, and any company that does so will be held accountable.”
Please find the complaint here.