Bank of New York Mellon said the allegations against itwere without merit

The New York case was filed in April2008, about a week after FX launched the Rosetta Stone California case. While the state of California decided to join the StateStreet case, the New York attorney general's office does notappear to have done the same. An order to extend time tointervene was entered in the New York case last fall, Westlawshows, and the matter is still under seal. A spokesman for the New York Attorney General declined tocomment. WHISTLE-BLOWER SUITS Investors have long complained about dealers hoardingpricing information in foreign exchange and otherover-the-counter markets. Part of last year's Dodd-Frankfinancial reform law is geared at improving transparency inover-the-counter derivatives. "In the end in this business, given the opportunity, thosethat hold certain information will take advantage as much asthey can within the legal limits," said Sang Lee, whospecializes in foreign exchange market research at advisoryfirm Aite Group in Boston. "Overall, I think the potential is there for thisinvestigation to become really widespread." Getting government officials to step in to lead lawsuitsinitiated by would-be whistle-blowers is key to such casesmoving forward. Whistle-blowers can share in any potentialsettlement or other payments that companies may make. The Florida lawsuit and a similar case in Virginia werebrought by an entity called FX Analytics, which has Rosetta Stone Arabic ties toMarkopolos, the Boston-based investigator whose warnings toregulators on Madoff went unheeded for years. The Virginia case, which recently was unsealed, seeks $150million in damages from Bank of New York Mellon. VirginiaAttorney General Kenneth Cuccinelli has intervened in the case,his spokesman said on Thursday. Bank of New York Mellon said the allegations against itwere without merit. It said money managers at pension funds andother institutional clients "transact with us at competitiveforeign exchange prices and we provide reliable, low-riskservice and execution." California announced a case against State Street in 2009that sought $200 million for committing an "unconscionablefraud" against the state's biggest pension funds, including theCalifornia Public Employees' Retirement Systems, or Calpers. State Street spokeswoman Carolyn Cichon said the bank's "FXservices are consistent with our contractual obligations withthe California state entities and we are defending ourselvesagainst the charges made in the complaint." One plaintiffs' attorney, Reed Kathrein of law firm HagensBerman LLP, said he examined State Street contracts with acouple of pension fund clients, but those contracts did notcontain the same language as the CalPERS deal with StateStreet, which specified the Rosetta Stone Italian trades be priced at the time of thetrade. "We were not able to find anything that led us to the sameplace," he said. Bank of New York Mellon shares fell 1.2 percent to $31.46on Thursday, while State Street declined 1.5 percent at $46.54,both on the New York Stock Exchange.

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