Bank of New York Mellon Corp agreed to a deal with Virginia over allegations it overcharged the state pensions plans for currency trades, according to public records and sources.
The terms of the deal between the bank and state officials representing the Virginia Retirement System Fund and other state pensions plans were not immediately known.
Virginia sued BNY Mellon in state court and was seeking $1 billion in damages.
BNY Mellon said in a statement it has renewed its contract with the Virginia state pension for another five years. But the bank declined to comment on any deal over the litigation.
The settlement ends one legal chapter for the bank, but it still faces many other lawsuits from pensions funds in other states.
Virginia's case was among the first to allege the bank was converting currency based on prices at the end of the day instead of when the trades took place, potentially costing clients millions of dollars.
BNY Mellon, which traces
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