The California Public Employees’ Retirement System (CalPERS) has reappointed State Street as global custodian, Bloomberg reports. The $232 billion system also received competing bids from JPMorgan Chase and Bank of New York Mellon.

State Street offered a lower price of $5.7 million, which was lesser than that offered by the other companies, adds Pensions & Investments. The new five year contract is effective from July 1, 2011. The contract was renewed in spite of lawsuits against State Street for overcharging in foreign-exchange transactions.

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