WSJ: Florida AG Probes Fees Charged to State Pension Fund

Submitted by Anonymous on February 3, 2011 - 8:16am

Florida and three other states are investigating whether banks overcharged public pension funds for foreign-exchange transactions, the Wall Street Journal reported Thursday.

Quoting people familiar with the situation, the Journal said the Florida Attorney General's Office is among those conducting "widening" probes into alleged excess fees charged to public retirement funds.

Attorney General Pam Bondi was not immediately available to comment, but the Journal said state prosecutors are working with an organized group of whistle-blowers to uncover charges that totaled "tens of millions of dollars" in four states: Florida, California, Virginia and Tennessee.

Read the story here.

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