"This is just the latest example of how clever financial traders violate laws and rip off the public trust," says the California attorney general. He's referring specifically to State Street, whom the state has just sued to recover $200 million in overcharges and penalties stemming from allegedly marked-up commissions on currency trades.

The lawsuit, according to media accounts, accuses State Street of hiding fraudulent pricing practices by entering false data into electronic trading databases and reporting false prices in statements that it provided the states two biggest pensions, CalPERS and CalSTRS.

In addition, State Street stands accused of not including time stamp data so that actual costs could be verified. You can bet more states will follow suit. This is merely the latest blow for State Street. Various suits and regulatory proceedings about the bank allegedly misleading customers are underway. It's even being sued by the Sisters of Charity of the Blessed Virgin Mary. 

For more:
- here's the LA Times article

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