Bank of New York Mellon (BK.N) was sued by two U.S. states on Thursday over allegations that the company overcharged pension funds on foreign exchange transactions.
BNY Mellon spokesman Kevin Heine said the bank would fight the latest claims.
"The lawsuits filed by the Virginia and Florida attorneys general are unwarranted at this time and reflect a flawed understanding of foreign currency markets," said Heine.
He added: "While our first choice is always an amicable resolution, we refuse to be coerced into paying for and admitting to wrongdoing where none exists."
Virginia and Florida had previously announced an intention to sue BNY Mellon. According to a court document filed on Thursday, Virginia seeks over $811 million in civil penalties from BNY Mellon, along with triple damages totaling $120 million.