Washington State Receives $11.7 Million in Forex Settlement
On October 26, 2010, the Washington State Investment Board announced that it will receive $11.7 million in a settlement with its former master custodian, State Street Bank. The dispute between the Board and State Street concerned the execution of certain foreign exchange transactions by the bank on behalf of the Investment Board, which oversees over $53 billion in assets, between 1997 and 2007.
According to Washington’s State Treasurer, James McIntyre, the settlement was the direct result of an internal investigation by the state prompted by two state false claims act suits filed against State Street in California. Washington did not file suit against State Street, which settled promptly after the results of the state’s investigation were disclosed.
For more information see: http://www.pionline.com/article/20101026/DAILYREG/101029919