BNY Forex Rate Scheme Cost Investors Millions: Suit

Law360, New York (November 4, 2011, 7:49 PM EDT) -- Bank of New York Mellon Corp. was hit Friday with a putative class action in Pennsylvania federal court alleging retirement plan members lost millions when it came to light that the bank was engaging in a shady foreign currency trading scheme.

Former BNY employee and retirement plan participant Isabel F. Sansano filed the suit on behalf of participants in the Bank of New York Mellon Corp. 401(k) Savings Plan, alleging the bank and the plan's fiduciaries breached their fiduciary duties and cost the putative class millions...
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