(Bloomberg) -- Bank of New York Mellon Corp., the world’s largest custody bank, agreed to repay Massachusetts’ public pension funds $15.45 million to settle fraud claims brought by the state’s top securities regulator.

BNY Mellon will refund the amount over nine years by reducing custody fees charged to the state’s Pension Reserves Investment Management Board, William F. Galvin, secretary of the commonwealth, said today in a statement. The agreement resolves accusations that BNY Mellon defrauded the funds by overcharging for foreign-exchange services, Galvin said.

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