BNY Mellon Forex Fraud Suits Centralized In NY

Law360, New York (April 18, 2012, 6:13 PM EDT) -- The U.S. Judicial Panel on Multidistrict Litigation on Monday centralized in New York eight lawsuits accusing Bank of New York Mellon Corp. of ripping off clients by secretly inflating its fees for foreign exchange transactions.

The MDL encompasses complaints related to allegations that BNY Mellon charged rates on currency transactions that were higher than rates at which the bank actually performed the services.

In deciding to centralize complaints in the Southern District of New York, the panel noted that BNY Mellon is headquartered in the district...
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