Conn. weighs action vs. State Street

Connecticut is examining charges rung up by State Street Bank for foreign exchange trades on behalf of the state”™s $24 billion pension, with litigation a possible outcome.

Attorney General George Jepsen hopes to hire a consultant to review the Boston-based bank”™s trading, as first reported by Pensions & Investments. Contacted by the magazine, a State Street spokesperson had no comment except to call Connecticut a “valuable client.”

The state is seeking a consultant with experience in serving as an expert witness in legal proceedings, among other criteria.

Jepsen”™s office set a May 11 deadline for consultants bidding for the job, and says any contract will not exceed $300,000.