TALLAHASSEE, Fla. (AP) — Florida is getting a $28 million settlement from the Bank of New York Mellon over allegations the bank overcharged the state's pension fund.
Attorney General Pam Bondi announced the settlement on Friday. It also resolves allegations involving investments made by the bank on behalf of the Florida Retirement System.
Bondi called the settlement a "substantial recovery" for the pension fund. The settlement also calls for the bank to provide a credit on fees charged to the state agency that oversees the pension fund.
A spokesman for the bank said the institution was pleased to reach an agreement that will allow it to continue acting as the main custodian for Florida's massive retirement fund.
Florida's pension fund has nearly one million current and retired public employees enrolled in it.