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BNY Mellon Says Some ADR Investor Claims Are Time-Barred

Law360 (February 14, 2018, 9:07 PM EST) -- The Bank of New York Mellon on Monday sought to pare a proposed class action alleging it has been overcharging holders of American depositary receipts for converting their foreign-currency dividends and other cash distributions into U.S. dollars, telling a New York federal judge that a chunk of the investors’ claims are time-barred.

The investors have said that the statutes of limitations on their breach-of-contract claims, which were first filed in 2016 and span back roughly two decades to 1997, should be tolled because BNY Mellon covered...
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