Calif. Sues Bank, Alleges Fraud

by Richard Gonzales, NPR

California Attorney General Jerry Brown says a major banking firm bilked the state's two biggest pension funds out of more than $200 million. Brown has filed a lawsuit against State Street Bank and Trust Company. The suit alleges the Boston-based firm overcharged the California Public Employees Retirement System and the California State Teachers' Retirement System with fees and penalties for handling foreign currency trades.

Broadcast Dates

• Morning Edition, October 21, 2009