According to a recent report, Virginia attorney General has accused Bank of New York Mellon for cheating the public pension fund of the state. Attorney Gen. Ken T. Cuccinelli II has alleged that the bank continued to charge more amounts for foreign currency trading.

Since 1988 the bank has taken care of the Virginia Retirement System. A whistleblower is seeking a compensation of $150 million in damages from the Bank of New York Mellon.

The suit was first filed in October 2009 in Fairfax County Circuit Court and opened by a judge on Monday. According to the lawsuit, since the year 2001 the bank made profits of the deals which were conducted on the behalf of Virginia. Currency traders made profits by quoting a false price for the currency exchange.

The lawsuit alleges that the pension funds of Fairfax and Arlington counties' were also defrauded.

Cuccinelli has disclosed in a statement that with the help of the information gathered with the help of investigatory devices which have been authorized by FATA and from the whistleblower that he thought that it is sensible to intervene.

A spokesman of the bank, Kevin Heine has revealed that the bank is going to fight the charges in the court.