Bondi takes over suit against NY bankby John Kennedy | August 11th, 2011
Attorney General Pam Bondi is taking over a whistleblower’s lawsuit against a New York bank accused of skimming millions of dollars from the state’s pension fund in a foreign currency scheme.
Bondi’s office intervened Thursday in the two-year-old lawsuit filed against Bank of New York Mellon, which was among the investment firms handling the $129 million Florida Retirement System. The lawsuit claims the BNY Mellon bought and sold foreign currency for the FRS, but added mark-ups and other fake charges that cost the state when the investments were bought and sold.
BNY Mellon has denied wrongdoing.
Bondi, however, said Thursday, “Every penny that state and local employees entrust to Florida’s pension fund is hard-earned, and we will not allow Floridians’ money to be lost due to fraudulent activity.
“Overcharging for foreign exchange transactions is essentially stealing, and any company that does so will be held accountable.”