|Published:||Aug 11, 2011 11:23 PM EDT|
|Updated:||Aug 11, 2011 11:23 PM EDT|
TALLAHASSEE, Fla. (AP) - Florida is suing the Bank of New York Mellon and accusing the company of overcharging the state pension fund millions.
Attorney General Pam Bondi filed the lawsuit late Thursday in a state court in Tallahassee. Bank of New York Mellon serves as the main custodian of the state's massive retirement fund which is currently valued at nearly $120 billion.
The state's lawsuit contends that the bank overcharged the state for foreign currency exchanges in violation of state law. The lawsuit asks for damages and civil penalties.
A spokesman for the bank called the lawsuit unwarranted and said that the financial institution will prevail in court.
Bondi called overcharging for foreign exchange transactions "stealing" and vowed to hold the bank accountable.
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