NY AG, Feds Accuse BNY Mellon Of $2B Forex Scam

Law360, New York (October 4, 2011, 6:57 PM EDT) -- New York Attorney General Eric Schneiderman and federal prosecutors launched separate suits against Bank of New York Mellon Corp. on Tuesday for allegedly raking in over $2 billion in profits by intentionally overcharging its customers for foreign currency exchange transactions.

In a complaint filed in New York state supreme court, Schneiderman accuses the bank of charging its clients the worst rate of the trading day and pocketing the difference between the rate it charged and the actual market price at the time of the trades....
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