The state and city of New York have sued BNY Mellon for using "fraudulent rates" to collect $2 billion in fees from public and private pension funds in foreign currency transactions.

New York's attorney general, Eric T. Schneiderman, along with the City of New York, is seeking to recover the profits BNY Mellon "illegally earned by deceiving its customers,'' which included the New York City Employee Retirement System (NYCERS) and the State University of New York.

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