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.
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