Calif. Sues Bank, Alleges More Than $200M In Fraud
"This is just the latest example of how clever financial traders violate laws and rip off the public trust," Brown said.
Brown's office found that State Street charged the highest rates on trades despite being contractually obligated to charge a lower rate, called an interbank rate, by marking them up.
The complaint alleges the bank attempted to conceal its fraudulent pricing practices by entering fake exchange rates into its trading databases, which automatically took money from the funds' accounts.
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