BNY Mellon Escapes Last Of Va.'s Forex Fraud Claims

Law360, New York (May 1, 2012, 11:14 PM EDT) -- A Virginia judge on Tuesday tossed the final remaining claim in Virginia Attorney General Ken Cuccinelli's suit accusing Bank of New York Mellon Corp. of defrauding pension funds by inflating the cost of foreign exchange transactions.

Circuit Court Judge R. Terrence Ney dismissed the state's claim that BNY Mellon violated the Virginia Fraud Against Taxpayers Act, saying that a violation of the statute requires both a false record or statement and the use of that to get a fraudulent claim paid or approved.

“Liability cannot be...
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