Grossman Accuses Bank Of Overcharging State Pension Fund
BOSTON (CBS) -- Massachusetts will try to recover millions of dollars in losses after a big financial institution reportedly overcharged the state's pension fund.
Treasurer Steve Grossman is accusing BNY Mellon of excessive profiteering at the state's expense.
Grossman said that in the last four years, the bank overcharged the Massachusetts pension fund during foreign exchange transactions.
WBZ NewsRadio 1030's Kim Tunnicliffe reports.
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"PRIM has been overcharged by at least $20 million," Grossman said in regards to the Pension Reserves Investment Management Board.
"We have two goals: first, to explore our options to recover what we believe to be significant losses, and second, to put in place practices and procedures that will protect us in the future from any such further trading losses or abuses by any of our partners," he added.
Grossman said officials meet with the attorney general's office to discuss legal options.
