BNY Mellon Settles With Prudential Over $28M In Forex Trades

Law360, New York (June 19, 2012, 2:39 PM ET) -- The Bank of New York Mellon Corp. has agreed to repay more than half of $28 million generated by the bank in foreign exchange transactions with Prudential Financial Inc.'s money, after Prudential complained about unfair pricing, according to an amended U.S. Department of Justice complaint.

The amended complaint, filed earlier this month, said that in February 2011, Prudential approached BNYM concerning BNYM’s pricing of Prudential’s “standing instruction” transactions.

“Subsequently, BNYM and Prudential engaged in several discussions regarding the disadvantageous pricing of Prudential’s standing instruction transactions,” the...
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Case Title

United States of America v. The Bank of New York Mellon Corporation


Case Number

1:11-cv-06969

Court

New York Southern

Nature of Suit

Fraud or Truth-In-Lending

Judge

Lewis A. Kaplan

Date Filed

October 4, 2011

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