BANZAI7 NEWS--California sued State Street Bank and Trust today for allegedly committing "unconscionable fraud" against the state's two largest public pension funds, and seeks more than $200 million in overcharges and penalties.
Atty. Gen. Jerry Brown contends that the Boston investment banking firm overcharged the California Public Employees Retirement System and the California State Teachers Retirement System by about $50 million for the costs of carrying out foreign currency trades since 2001.
With treble damages and penalties, the suit seeks more than $200 million.
"Over a period of eight years, State Street bankers committed unconscionable fraud by misappropriating millions of dollars that rightfully belonged to California's public pension funds," Brown said in a statement. "This is just the latest example of how clever financial traders violate laws and rip off the public trust."
Its raining thieves...
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