BNY Mellon Beats Shareholder Suit In Forex MDL

Law360, New York (July 3, 2013, 3:22 PM EDT) -- A New York federal judge on Tuesday tossed a shareholder derivative suit in multidistrict litigation accusing Bank of New York Mellon Corp. of manipulating foreign currency exchange transactions, ruling that the complaint failed to show that the bank's board of directors knew of and allowed the alleged wrongdoing.

The dismissal allows the bank to shed one complaint in a long line of litigation surrounding allegations that it charged rates on currency transactions disproportionate to the bank's services. In the derivative suit, a group of shareholders accused...
To view the full article, register now.