State Street pays full demand to settle Forex claim

The Washington State pension fund reached an $11.7 million settlement with State Street Corporation for claims that the financial services provider unfairly charged prices that were higher than trade execution prices. The fund further alleged State Street engaged in deceptive practices by giving incorrect reports of trade prices.

The $11.7 million settlement amount represents 100% of the amount the pension fund demanded from the bank, which could set a benchmark for settlement negotiations in similar lawsuits filed against State Street by the California Attorney General and the Arkansas Teacher Retirement System.

http://www.reuters.com/article/2011/02/18/us-forex-settlements-idUSTRE71H52E20110218

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