BNY Mellon Can't Escape Va. AG's $1B Forex Fraud Suit

Law360, New York (November 18, 2011, 8:02 PM EST) -- A Virginia judge on Friday refused to dismiss a nearly $1 billion suit brought by the state's attorney general accusing Bank of New York Mellon Corp. of defrauding pension funds by inflating the costs of foreign exchange transactions.

Judge Terrence Ney allowed the case to proceed and set a hearing date of Dec. 21.

“We are pleased that the court dismissed two of the three remaining claims brought by the commonwealth and are gratified that the judge scheduled a prompt hearing on the one remaining claim,”...
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