The settlement of a lawsuit involving one of the U.S.'s largest custodian banks is shedding light on just how much fund managers and their plan sponsor clients are losing from inefficient executions of foreign exchange trades.

On Oct. 28, the Washington State Investment Board said State Street Corp.agreed to pay $11.7 million to settle a dispute over prices of currencies quoted in foreign exchange transactions made by State Street between 1997 and 2007.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.