BNY Mellon Denied 2nd Bid To Toss Va. Fraud Claims

Law360, New York (February 13, 2012, 6:25 PM EST) -- A Virginia judge on Friday again refused Bank of New York Mellon Corp.'s request that he dismiss a lawsuit by the state's attorney general that accuses the bank of defrauding pension funds by inflating the cost of foreign exchange transactions.

Judge Terrence Ney refused the bank's request to throw out the case, his second such decision. In November, the judge also denied a BNY Mellon motion to dismiss.

Virginia claims that the bank charged state pension agencies improper markups on forex trades involving their retirement funds....
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