Bank of New York Mellon Corp., which administers Massachusetts pension-fund assets, has agreed to reimburse Pension Reserves Investment Management $15.6 million for alleged overcharges on foreign currency exchange transactions, PRIM's board announced.

According to a Dec. 23 statement, the settlement results from months of negotiations between PRIM and BNY Mellon following PRIM's announcement that it intended to sue BNY Mellon on the matter. The settlement also resolved a separate administrative proceeding that Massachusetts Secretary of State William Galvin brought against the bank.

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