BNY Mellon Settles Part Of Forex Pricing Fraud Suit

Law360, New York (January 17, 2012, 7:56 PM EST) -- Federal prosecutors and Bank of New York Mellon Corp. on Tuesday settled the injunctive portion of a suit accusing the bank of defrauding customers for foreign currency exchange transactions by concealing how it determines the rates or prices it uses.

U.S. District Judge Lewis A. Kaplan signed off on a stipulation under which BNY Mellon will modify certain disclosures to current and prospective clients concerning the services scrutinized by the government's suit.

“While we are confident that we have provided our clients and their investment managers...
To view the full article, register now.