Va, Fla sue NY bank over pension funds

RICHMOND, Va. (AP) ? Virginia and Florida are suing the Bank of New York Mellon over the institution's handling of both states' pension funds.

The Virginia lawsuit filed Thursday seeks $120 million in damages. It also seeks $811.6 million in civil penalties.

Florida also is seeking damages and civil penalties.

The Bank of New York Mellon holds about $54 billion in funds for the Virginia Retirement System. Florida's system is worth some $120 billion.

Both lawsuits accuse the bank of overcharging those pension funds on foreign currency transactions.

The bank said in a statement that the lawsuits are unwarranted, and that the defendants will fight the claims in court.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-08-11-US-Bank-of-New-York-Pension-Funds/id-ffad12d56a1f4fe1a268f03198e2cc4a

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