BNY Mellon Dodges Calif. FCA Claims In Forex Pricing Suit

Law360, New York (April 2, 2012, 6:39 PM EDT) -- A federal judge ruled Friday that a group of public pension funds suing The Bank of New York Mellon Corp. over fees for foreign securities trades couldn't sue the bank for violating California's False Claims Act, but could pursue other claims for fraud and breach of contract.

The financial analyst firm FX Analytics brought the suit in 2010 under the whistleblower provisions of the California FCA, alleging BNY Mellon overcharged the pension funds for trading in foreign currency needed to buy and sell overseas securities. When...
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