Ohio AG Says BNY Mellon Faked Currency Exchange Rates

Law360, New York (March 12, 2012, 8:36 PM EDT) -- The Bank of New York Mellon Corp. was hit with a $16 million breach of contract suit Monday by the Ohio attorney general, who accused the bank of defrauding pension funds by systematically overcharging them on foreign securities transactions.

The suit, filed by Ohio Attorney General Mike DeWine on behalf of Ohio Police & Fire Pension Fund and School Employees Retirement System, claims BNY Mellon overcharged the funds by millions of dollars when performing foreign currency exchanges on their behalf.

The bank had entered into individual...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.