Skip to main content


March 15, 2012

Boards Ask: Are Funds Being Bilked on Forex Trades?

With allegations mounting that banks have overcharged pension funds for foreign-exchange transactions, mutual funds are asking whether they are being gouged too.

The latest lawsuit was filed last week by the Southeastern Pennsylvania Transportation Authority, which accuses Bank of New York Mellon of bilking its pension fund for forex trades. The court case comes on the heels of similar suits charging that pension funds in four states were defrauded by BNY or a competitor, State Street Corp.

“If BlackRock can get ripped off and not know it, then anyone in that market can be a victim,” says Dennis Kelleher, CEO of Better Markets, a Wall Street watchdog group. “The recent revelations about the FX market suggest pervasive predatory conduct.”


Read More

In the News


For media inquiries, please contact us at or 202-618-6433.

Contact Us

For media inquiries, please contact or 202-618-6433.

To sign up for our email newsletter, please visit this page.

This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

"* (Required)" indicates required fields

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact or 202-618-6433.


Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today